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South Cook News

Friday, November 15, 2024

Former state university employee Hechenberger paid in $90K to pension fund, could collect $1.28M in retirement

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Former state university employee Daniel Hechenberger, who retired in October 2017, saved $90,067 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hechenberger would collect as much as $1.28 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Hechenberger received $26,814 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Hechenberger will have already received $112,179 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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