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Chicago City Wire

Monday, December 23, 2024

Former state university employee Warmbier paid in $75K to pension fund, could collect $1.48M in retirement

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Former state university employee Cathy Warmbier, who retired in November 2016, saved $74,617 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Warmbier would collect as much as $1.48 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Warmbier received $31,067 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Warmbier will have already received $96,025 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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