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South Cook News

Thursday, December 26, 2024

Former state university employee Hill paid in $24K to pension fund, could collect $461K in retirement

Money 06

Former state university employee Doris Hill, who retired in July 2016, saved $23,844 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hill would collect as much as $460,657, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Hill received $9,682 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hill will have already received $29,925 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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