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McLean County Times

Monday, November 25, 2024

Former state university employee Frantz paid in $49K to pension fund, could collect $666K in retirement

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Former state university employee Lorra Frantz, who retired in September 2016, saved $48,828 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Frantz would collect as much as $666,485, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Frantz received $14,009 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Frantz will have already received $58,608 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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