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McLean County Times

Friday, November 15, 2024

Former state university employee Hill paid in $59K to pension fund, could collect $1.16M in retirement

Money272

Former state university employee Jeannie Hill, who retired in November 2016, saved $59,275 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hill would collect as much as $1.16 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Hill received $24,408 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hill will have already received $75,442 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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