Former state university employee Giegerich paid in $138K to pension fund, could collect $2.9M in retirement

Former state university employee Carol Giegerich, who retired in June 2018, saved $137,792 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Giegerich would collect as much as $2.9 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Giegerich received $60,989 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Giegerich will have already received $188,512 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.