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Chicago City Wire

Friday, April 19, 2024

Former state university employee Hopper paid in $67K to pension fund, could collect $1.31M in retirement

Money 06

Former state university employee Terri Hopper, who retired in May 2017, saved $66,556 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hopper would collect as much as $1.31 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Hopper received $27,484 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hopper will have already received $84,951 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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