Quantcast

Sangamon Sun

Sunday, October 5, 2025

Former state university employee Werkmeister paid in $5K to pension fund, could collect $123K in retirement

Money759

Former state university employee Phillip Werkmeister, who retired in July 2016, saved $4,800 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Werkmeister would collect as much as $123,201, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Werkmeister received $2,589 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Werkmeister will have already received $5,256 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS