Former state university employee Schraffenberger paid in $25K to pension fund, could collect $920K in retirement

By Local Labs News Service

Feb 1, 2018

Former state university employee Louann Schraffenberger, who retired in January 2018, saved $25,466 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Schraffenberger would collect as much as $920,298, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Schraffenberger received $19,344 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Schraffenberger will have already received $39,268 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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