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Sangamon Sun

Monday, November 25, 2024

Former state university employee Wheelhouse paid in $109K to pension fund, could collect $2.15M in retirement

Money 08

Former state university employee William Wheelhouse, who retired in February 2016, saved $108,823 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wheelhouse would collect as much as $2.15 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Wheelhouse received $45,090 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wheelhouse will have already received $139,369 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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