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South Cook News

Saturday, December 28, 2024

Former state university employee Heller paid in $2K to pension fund, could collect $513K in retirement

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Former state university employee Lauren Heller, who retired in June 2016, saved $1,723 toward a pension over 4 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Heller would collect as much as $512,786, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Heller received $10,778 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Heller will have already received $10,778 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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