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Sangamon Sun

Wednesday, April 24, 2024

Former state university employee Wargel paid in $28K to pension fund, could collect $1.29M in retirement

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Former state university employee Larry Wargel, who retired in January 2016, saved $27,973 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wargel would collect as much as $1.29 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Wargel received $27,159 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Wargel will have already received $55,133 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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