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McLean County Times

Monday, November 25, 2024

Former state university employee Wylie paid in $46K to pension fund, could collect $842K in retirement

Money 08

Former state university employee Jack Wylie, who retired in August 2018, saved $45,838 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wylie would collect as much as $842,244, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Wylie received $17,703 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wylie will have already received $54,718 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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