McHenry Times

McHenry Times

Monday, November 18, 2019

Former state university employee Wandolowski paid in $78K to pension fund, could collect $1.36M in retirement

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By Local Labs News Service | Feb 1, 2016

Money 01

Former state university employee John Wandolowski, who retired in January 2016, saved $77,895 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wandolowski would collect as much as $1.36 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Wandolowski received $28,553 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wandolowski will have already received $88,255 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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