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DeKalb Times

Saturday, November 23, 2024

Former state university employee Westphal paid in $212K to pension fund, could collect $5.09M in retirement

Money 05

Former state university employee Catherine Westphal, who retired in June 2016, saved $212,089 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Westphal would collect as much as $5.09 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Westphal received $106,891 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Westphal will have already received $216,989 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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