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Sangamon Sun

Thursday, April 25, 2024

Former state university employee Wise paid in $19K to pension fund, could collect $291K in retirement

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Former state university employee Deanna Wise, who retired in August 2016, saved $19,086 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wise would collect as much as $291,338, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Wise received $6,123 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Wise will have already received $25,617 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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