Former state university employee Winter paid in $92K to pension fund, could collect $2.31M in retirement

By Rock Island Today Reports

Feb 1, 2016

Former state university employee Michael Winter, who retired in January 2016, saved $91,803 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Winter would collect as much as $2.31 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Winter received $48,511 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Winter will have already received $98,477 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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