Former state university employee Wencel Drake paid in $367K to pension fund, could collect $7.76M in retirement

By Local Labs News Service

Jul 1, 2018

Former state university employee June Wencel Drake, who retired in June 2018, saved $366,903 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wencel Drake would collect as much as $7.76 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Wencel Drake received $163,193 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wencel Drake will have already received $504,414 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

University of Illinois at Chicago

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate