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Chicago City Wire

Wednesday, April 24, 2024

Former state university employee Schweitzer paid in $48K to pension fund, could collect $787K in retirement

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Former state university employee Noel Schweitzer, who retired in January 2018, saved $48,431 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Schweitzer would collect as much as $786,621, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Schweitzer received $16,534 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Schweitzer will have already received $51,105 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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