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Galesburg Reporter

Wednesday, December 25, 2024

Former state university employee Pfleiger paid in $57K to pension fund, could collect $1.3M in retirement

Money 01

Former state university employee Mark Pfleiger, who retired in January 2018, saved $56,890 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Pfleiger would collect as much as $1.3 million, according to a projection by Local Government Information Services (LGIS), which publishes Galesburg Reporter.

The projection assumes Pfleiger received $27,250 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Pfleiger will have already received $84,228 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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