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Sangamon Sun

Saturday, November 23, 2024

Former state university employee Wachter paid in $189K to pension fund, could collect $3.35M in retirement

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Former state university employee Kendall Wachter, who retired in April 2016, saved $188,600 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wachter would collect as much as $3.35 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Wachter received $70,367 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wachter will have already received $217,497 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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