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McLean County Times

Saturday, November 23, 2024

Former state university employee Hines paid in $30K to pension fund, could collect $522K in retirement

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Former state university employee Kirk Hines, who retired in June 2017, saved $29,660 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hines would collect as much as $522,412, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Hines received $10,980 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hines will have already received $33,937 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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