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Chambana Sun

Wednesday, November 27, 2024

Former state university employee Whalen paid in $38K to pension fund, could collect $1.19M in retirement

Money 02

Former state university employee Colleen Whalen, who retired in April 2017, saved $37,504 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Whalen would collect as much as $1.19 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Whalen received $24,980 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Whalen will have already received $50,709 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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