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Chambana Sun

Tuesday, November 26, 2024

Former state university employee Wilson paid in $49K to pension fund, could collect $838K in retirement

Money 01

Former state university employee Michael Wilson, who retired in March 2019, saved $48,938 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wilson would collect as much as $838,088, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Wilson received $17,616 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wilson will have already received $54,448 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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