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McLean County Times

Monday, December 23, 2024

Former state university employee Hammel paid in $42K to pension fund, could collect $1.05M in retirement

Money 08

Former state university employee Daniel Hammel, who retired in July 2017, saved $42,159 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hammel would collect as much as $1.05 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Hammel received $22,052 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Hammel will have already received $44,766 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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