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Chicago City Wire

Thursday, April 25, 2024

Former state university employee Wasmer paid in $138K to pension fund, could collect $1.88M in retirement

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Former state university employee Fred Wasmer, who retired in April 2019, saved $137,950 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wasmer would collect as much as $1.88 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Wasmer received $39,420 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Wasmer will have already received $164,920 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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