Former state university employee Kronenburger paid in $73K to pension fund, could collect $1.33M in retirement

Former state university employee John Kronenburger, who retired in June 2018, saved $72,535 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kronenburger would collect as much as $1.33 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Kronenburger received $27,884 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kronenburger will have already received $86,188 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.