Former state university employee Hannig paid in $3K to pension fund, could collect $247K in retirement

By Local Labs News Service

Jan 1, 2019

Former state university employee Elizabeth Hannig, who retired in December 2018, saved $3,279 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hannig would collect as much as $246,602, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Hannig received $5,183 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Hannig will have already received $5,183 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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