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Sangamon Sun

Thursday, April 18, 2024

Former state university employee Strimling paid in $18K to pension fund, could collect $422K in retirement

Money 04

Former state university employee Warren Strimling, who retired in January 2016, saved $17,760 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Strimling would collect as much as $422,167, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Strimling received $8,873 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Strimling will have already received $18,012 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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