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Chicago City Wire

Monday, November 25, 2024

Former state university employee Wiegel paid in $52K to pension fund, could collect $936K in retirement

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Former state university employee Janet Wiegel, who retired in April 2016, saved $52,333 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wiegel would collect as much as $935,867, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Wiegel received $19,671 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wiegel will have already received $60,801 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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