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Chambana Sun

Tuesday, April 23, 2024

Former state university employee Wingate paid in $91K to pension fund, could collect $1.66M in retirement

Money041

Former state university employee David Wingate, who retired in December 2017, saved $90,856 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wingate would collect as much as $1.66 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Wingate received $34,836 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wingate will have already received $107,674 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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