Prairie State Wire

Prairie State Wire

Tuesday, February 25, 2020

Former state university employee Tempel paid in $72K to pension fund, could collect $1.13M in retirement

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By Local Labs News Service | Jun 1, 2016

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Former state university employee Candace Tempel, who retired in May 2016, saved $72,001 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Tempel would collect as much as $1.13 million, according to a projection by Local Government Information Services (LGIS), which publishes Prairie State Wire.

The projection assumes Tempel received $23,832 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Tempel will have already received $73,662 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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