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Chambana Sun

Friday, November 29, 2024

Former state university employee Whalen paid in $83K to pension fund, could collect $1.57M in retirement

Money 08

Former state university employee James Whalen, who retired in March 2016, saved $83,203 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Whalen would collect as much as $1.57 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Whalen received $32,940 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Whalen will have already received $101,814 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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