Lake County Gazette

Lake County Gazette

Friday, November 15, 2019

Former state university employee Groeninger paid in $173K to pension fund, could collect $3.78M in retirement

Schools

By Local Labs News Service | Jul 1, 2018

Money 07

Former state university employee Sandra Groeninger, who retired in June 2018, saved $173,092 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Groeninger would collect as much as $3.78 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Groeninger received $79,501 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Groeninger will have already received $245,730 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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