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Sangamon Sun

Saturday, November 23, 2024

Former state university employee Wagner paid in $22K to pension fund, could collect $394K in retirement

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Former state university employee Sally Wagner, who retired in June 2016, saved $22,169 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wagner would collect as much as $394,449, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Wagner received $8,291 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wagner will have already received $25,627 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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