Former state university employee Hermosilla Palma paid in $11K to pension fund, could collect $206K in retirement

By Local Labs News Service

Jul 1, 2016

Former state university employee Enrique Hermosilla Palma, who retired in June 2016, saved $11,172 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hermosilla Palma would collect as much as $206,068, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Hermosilla Palma received $4,331 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hermosilla Palma will have already received $13,387 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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Illinois State University

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