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McLean County Times

Monday, November 25, 2024

Former state university employee Hall paid in $45K to pension fund, could collect $849K in retirement

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Former state university employee Joyce Hall, who retired in October 2016, saved $45,230 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hall would collect as much as $848,616, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Hall received $17,837 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hall will have already received $55,132 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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