Chicago City Wire

Chicago City Wire

Tuesday, November 19, 2019

Former state university employee Weisenburn paid in $159K to pension fund, could collect $2.93M in retirement

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By Local Labs News Service | Feb 1, 2016

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Former state university employee Wesley Weisenburn, who retired in January 2016, saved $158,677 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Weisenburn would collect as much as $2.93 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Weisenburn received $61,507 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Weisenburn will have already received $190,112 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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