Former state university employee Hurt paid in $23K to pension fund, could collect $344K in retirement

By Local Labs News Service

Nov 1, 2016

Former state university employee Michael Hurt, who retired in October 2016, saved $23,016 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hurt would collect as much as $343,599, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Hurt received $7,222 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Hurt will have already received $30,215 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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