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Chambana Sun

Friday, October 3, 2025

Former state university employee Wegel paid in $259K to pension fund, could collect $6.26M in retirement

Money041

Former state university employee Carl Wegel, who retired in July 2016, saved $259,099 toward a pension over 36 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wegel would collect as much as $6.26 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Wegel received $131,565 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Wegel will have already received $267,077 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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