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Sangamon Sun

Saturday, November 23, 2024

Former state university employee Mertes paid in $102K to pension fund, could collect $1.91M in retirement

Money 06

Former state university employee Wendy Mertes, who retired in June 2016, saved $102,320 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Mertes would collect as much as $1.91 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Mertes received $40,225 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mertes will have already received $124,332 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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