Sangamon Sun

Sangamon Sun

Friday, December 13, 2019

Former state university employee Howerter paid in $149K to pension fund, could collect $3.08M in retirement

Schools

By Local Labs News Service | Jul 1, 2018

Money 08

Former state university employee Wendy Howerter, who retired in June 2018, saved $149,363 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Howerter would collect as much as $3.08 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Howerter received $64,774 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Howerter will have already received $200,210 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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