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Chambana Sun

Tuesday, November 26, 2024

Former state university employee Bockenholt paid in $64K to pension fund, could collect $2.9M in retirement

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Former state university employee Ulf Bockenholt, who retired in March 2019, saved $63,741 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bockenholt would collect as much as $2.9 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Bockenholt received $61,008 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Bockenholt will have already received $123,846 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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