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Lake County Gazette

Tuesday, November 26, 2024

Former state university employee Wydeen paid in $14K to pension fund, could collect $283K in retirement

Money 05

Former state university employee Russell Wydeen, who retired in September 2016, saved $14,013 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wydeen would collect as much as $283,437, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Wydeen received $5,957 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wydeen will have already received $18,413 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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