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Dupage Policy Journal

Tuesday, April 23, 2024

Former state university employee Krasemann paid in $226K to pension fund, could collect $5.76M in retirement

Money759

Former state university employee Keith Krasemann, who retired in June 2018, saved $225,863 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Krasemann would collect as much as $5.76 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Krasemann received $120,967 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Krasemann will have already received $245,563 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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