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McLean County Times

Monday, November 25, 2024

Former state university employee Wheeler paid in $7K to pension fund, could collect $434K in retirement

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Former state university employee Randy Wheeler, who retired in August 2016, saved $7,295 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wheeler would collect as much as $434,001, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Wheeler received $9,122 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Wheeler will have already received $9,122 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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