Chicago City Wire

Chicago City Wire

Friday, November 15, 2019

Former state university employee Hinz paid in $59K to pension fund, could collect $1.18M in retirement


By Local Labs News Service | May 1, 2017

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Former state university employee Harold Hinz, who retired in April 2017, saved $59,339 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hinz would collect as much as $1.18 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Hinz received $24,738 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hinz will have already received $76,462 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University of Illinois at Urbana Champaign

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