Former state university employee Hazelbaker paid in $61K to pension fund, could collect $1.14M in retirement

By Local Labs News Service

Feb 1, 2018

Former state university employee John Hazelbaker, who retired in January 2018, saved $61,168 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hazelbaker would collect as much as $1.14 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Hazelbaker received $23,994 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hazelbaker will have already received $74,163 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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