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Lake County Gazette

Sunday, June 29, 2025

Former state university employee Schawel paid in $235K to pension fund, could collect $5.65M in retirement

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Former state university employee Cary Schawel, who retired in July 2017, saved $235,453 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Schawel would collect as much as $5.65 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Schawel received $118,684 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Schawel will have already received $240,929 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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