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Sangamon Sun

Tuesday, November 26, 2024

Former state university employee Woll paid in $36K to pension fund, could collect $539K in retirement

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Former state university employee Debra Woll, who retired in July 2018, saved $35,597 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Woll would collect as much as $538,911, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Woll received $11,327 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Woll will have already received $47,389 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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