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Peoria Standard

Thursday, April 17, 2025

Former state university employee Schurter paid in $1K to pension fund, could collect $16K in retirement

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Former state university employee Richard Schurter, who retired in March 2016, saved $1,089 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Schurter would collect as much as $16,276, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Schurter received $342 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Schurter will have already received $1,431 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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