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Sangamon Sun

Friday, May 10, 2024

Former state university employee Mueller paid in $114K to pension fund, could collect $2.41M in retirement

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Former state university employee Michael Mueller, who retired in January 2016, saved $113,951 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Mueller would collect as much as $2.41 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Mueller received $50,586 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mueller will have already received $156,357 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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