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West Cook News

Saturday, November 2, 2024

Former state university employee Oltmanns paid in $49K to pension fund, could collect $1.73M in retirement

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Former state university employee Brigitte Oltmanns, who retired in January 2018, saved $49,143 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Oltmanns would collect as much as $1.73 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Oltmanns received $36,262 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Oltmanns will have already received $73,612 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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