Former state university employee Wiley paid in $24K to pension fund, could collect $695K in retirement

By East Central Reporter Reports

Sep 1, 2016

Former state university employee John Wiley, who retired in August 2016, saved $24,313 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wiley would collect as much as $694,671, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Wiley received $14,601 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Wiley will have already received $29,640 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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Eastern Illinois University

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