Quantcast

Chicago City Wire

Wednesday, December 25, 2024

Former state university employee Hill paid in $65K to pension fund, could collect $1.43M in retirement

Shutterstock 121161052

Former state university employee Thomas Hill, who retired in November 2016, saved $65,277 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hill would collect as much as $1.43 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Hill received $30,103 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hill will have already received $93,045 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS