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Chicago City Wire

Friday, April 26, 2024

Former state university employee Heske paid in $173K to pension fund, could collect $3.39M in retirement

Money 05

Former state university employee Edward Heske, who retired in January 2017, saved $172,630 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Heske would collect as much as $3.39 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Heske received $71,341 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Heske will have already received $220,507 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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