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Carbondale Reporter

Tuesday, December 24, 2024

Former state university employee Schwarz paid in $49K to pension fund, could collect $2.29M in retirement

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Former state university employee Thomas Schwarz, who retired in July 2017, saved $49,155 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Schwarz would collect as much as $2.29 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Schwarz received $48,216 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Schwarz will have already received $97,878 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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