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Carbondale Reporter

Tuesday, December 24, 2024

Former state university employee Wise paid in $32K to pension fund, could collect $554K in retirement

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Former state university employee Bryan Wise, who retired in July 2017, saved $32,129 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wise would collect as much as $553,949, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Wise received $11,643 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wise will have already received $35,987 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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