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McLean County Times

Saturday, November 23, 2024

Former state university employee Hart paid in $38K to pension fund, could collect $714K in retirement

Money759

Former state university employee Paul Hart, who retired in June 2017, saved $37,995 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hart would collect as much as $714,099, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Hart received $15,009 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hart will have already received $46,391 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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