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McLean County Times

Monday, November 25, 2024

Former state university employee Hall paid in $17K to pension fund, could collect $517K in retirement

Money759

Former state university employee Kelly Hall, who retired in February 2018, saved $17,127 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hall would collect as much as $516,977, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Hall received $10,866 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Hall will have already received $22,058 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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