Chicago City Wire

Chicago City Wire

Monday, November 18, 2019

Former state university employee Wasniewski paid in $27K to pension fund, could collect $1.44M in retirement

Schools

By Local Labs News Service | Jun 1, 2016

Money 06

Former state university employee Mary Lu Wasniewski, who retired in May 2016, saved $27,249 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wasniewski would collect as much as $1.44 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Wasniewski received $30,168 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Wasniewski will have already received $30,168 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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