Former state university employee Schlichting paid in $30K to pension fund, could collect $1.17M in retirement

By Local Labs News Service

Aug 1, 2018

Former state university employee Glenn Schlichting, who retired in July 2018, saved $30,194 toward a pension over 4 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Schlichting would collect as much as $1.17 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Schlichting received $24,644 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Schlichting will have already received $50,027 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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Illinois State University

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