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East Central Reporter

Sunday, November 24, 2024

Former state university employee Wandling paid in $193K to pension fund, could collect $4.01M in retirement

Money 04

Former state university employee Richard Wandling, who retired in July 2018, saved $193,277 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wandling would collect as much as $4.01 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Wandling received $84,384 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wandling will have already received $260,823 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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