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Peoria Standard

Sunday, November 24, 2024

Former state university employee Wegner paid in $53K to pension fund, could collect $918K in retirement

Money 02

Former state university employee Cynthia Wegner, who retired in September 2017, saved $52,751 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wegner would collect as much as $918,117, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Wegner received $19,298 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wegner will have already received $59,648 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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