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West Cook News

Monday, November 25, 2024

Former state university employee Querfurth paid in $86K to pension fund, could collect $2.65M in retirement

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Former state university employee Karen Querfurth, who retired in January 2016, saved $85,852 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Querfurth would collect as much as $2.65 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Querfurth received $55,749 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Querfurth will have already received $113,170 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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