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

Schools

By Local Labs News Service | Feb 1, 2016

Shutterstock 385535740

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.

Want to get notified whenever we write about College of Lake County ?

Sign-up Next time we write about College of Lake County, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

College of Lake County

More News