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West Central Reporter

Wednesday, November 27, 2024

Former state university employee Woerly paid in $29K to pension fund, could collect $551K in retirement

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Former state university employee Jane Woerly, who retired in October 2016, saved $29,057 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Woerly would collect as much as $550,854, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Woerly received $11,578 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Woerly will have already received $35,786 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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