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East Central Reporter

Wednesday, November 27, 2024

Former state university employee Wise paid in $886 to pension fund, could collect $40K in retirement

Money 02

Former state university employee Cynthia Wise, who retired in January 2016, saved $886 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wise would collect as much as $39,643, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Wise received $833 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Wise will have already received $1,691 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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