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Chicago City Wire

Saturday, May 24, 2025

Former state university employee Hernandez paid in $33K to pension fund, could collect $868K in retirement

Money 08

Former state university employee Norman Hernandez, who retired in April 2017, saved $32,897 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hernandez would collect as much as $867,564, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Hernandez received $18,235 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Hernandez will have already received $37,017 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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