Chicago City Wire

Chicago City Wire

Friday, April 3, 2020

Former state university employee Wheeler paid in $2K to pension fund, could collect $310K in retirement

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By Local Labs News Service | Oct 1, 2018

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Former state university employee Joseph Wheeler, who retired in September 2018, saved $1,853 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wheeler would collect as much as $310,486, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Wheeler received $6,526 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Wheeler will have already received $6,526 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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