McHenry Times

McHenry Times

Tuesday, November 19, 2019

Former state university employee Walter paid in $27K to pension fund, could collect $455K in retirement

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By Local Labs News Service | Sep 1, 2017

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Former state university employee Thomas Walter, who retired in August 2017, saved $27,326 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Walter would collect as much as $454,577, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Walter received $9,554 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Walter will have already received $29,531 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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