Former state university employee Olbert paid in $26K to pension fund, could collect $415K in retirement

By Local Labs News Service

Feb 1, 2016

Former state university employee Deborah Olbert, who retired in January 2016, saved $25,986 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Olbert would collect as much as $414,785, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Olbert received $8,718 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Olbert will have already received $26,947 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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