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Carbondale Reporter

Thursday, April 25, 2024

Former state university employee Wendler paid in $523K to pension fund, could collect $5.76M in retirement

Money272

Former state university employee Walter Wendler, who retired in January 2016, saved $522,656 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wendler would collect as much as $5.76 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Wendler received $121,001 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Wendler will have already received $642,411 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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