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DeKalb Times

Friday, November 22, 2024

Former state university employee Wagner paid in $68K to pension fund, could collect $1.31M in retirement

Money 04

Former state university employee Laura Wagner, who retired in September 2017, saved $68,096 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wagner would collect as much as $1.31 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Wagner received $27,470 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wagner will have already received $84,907 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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