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Kane County Reporter

Monday, November 25, 2024

Former state university employee Kreutzer paid in $28K to pension fund, could collect $479K in retirement

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Former state university employee Lynn Kreutzer, who retired in May 2017, saved $27,663 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kreutzer would collect as much as $478,835, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Kreutzer received $10,064 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kreutzer will have already received $31,107 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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