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Chicago City Wire

Sunday, May 5, 2024

Former state university employee Henning paid in $91K to pension fund, could collect $2.32M in retirement

Money 06

Former state university employee James Henning, who retired in October 2017, saved $90,576 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Henning would collect as much as $2.32 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Henning received $48,824 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Henning will have already received $99,113 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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