Lake County Gazette

Lake County Gazette

Monday, December 9, 2019

Former state university employee Schiele paid in $188K to pension fund, could collect $4.2M in retirement


By Local Labs News Service | Feb 1, 2016

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Former state university employee Evelyn Schiele, who retired in January 2016, saved $188,112 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Schiele would collect as much as $4.2 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Schiele received $88,356 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Schiele will have already received $273,100 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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