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Sangamon Sun

Thursday, April 18, 2024

Former state university employee Wellen paid in $42K to pension fund, could collect $1.31M in retirement

Money 05

Former state university employee Patricia Wellen, who retired in July 2018, saved $42,086 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wellen would collect as much as $1.31 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Wellen received $27,467 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Wellen will have already received $55,758 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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