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Peoria Standard

Friday, April 19, 2024

Former state university employee Wamsley paid in $2K to pension fund, could collect $191K in retirement

Money 05

Former state university employee Rodney Wamsley, who retired in January 2018, saved $1,665 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wamsley would collect as much as $190,653, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Wamsley received $4,007 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Wamsley will have already received $4,007 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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