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Chambana Sun

Sunday, November 24, 2024

Former state university employee Mueller paid in $111K to pension fund, could collect $3.04M in retirement

Money759

Former state university employee Michelle Mueller, who retired in June 2017, saved $111,368 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Mueller would collect as much as $3.04 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Mueller received $63,856 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Mueller will have already received $129,628 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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