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Sangamon Sun

Monday, November 25, 2024

Former state university employee Waier paid in $192K to pension fund, could collect $2.01M in retirement

Money 08

Former state university employee Malinda Waier, who retired in January 2017, saved $191,854 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Waier would collect as much as $2.01 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Waier received $42,230 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Waier will have already received $224,205 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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