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Carbondale Reporter

Monday, November 25, 2024

Former state university employee Wilkening paid in $33K to pension fund, could collect $448K in retirement

Money 04

Former state university employee Lola Wilkening, who retired in May 2017, saved $32,884 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wilkening would collect as much as $448,331, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Wilkening received $9,423 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Wilkening will have already received $39,423 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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