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Quincy Reporter

Sunday, November 24, 2024

Former state university employee Munzlinger paid in $46K to pension fund, could collect $1.1M in retirement

Money 08

Former state university employee Katherine Munzlinger, who retired in March 2018, saved $45,704 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Munzlinger would collect as much as $1.1 million, according to a projection by Local Government Information Services (LGIS), which publishes Quincy Reporter.

The projection assumes Munzlinger received $23,166 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Munzlinger will have already received $47,027 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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