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Chicago City Wire

Monday, November 25, 2024

Former state university employee Hirna paid in $3K to pension fund, could collect $52K in retirement

Money 07

Former state university employee Olena Hirna, who retired in April 2016, saved $2,984 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hirna would collect as much as $52,083, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Hirna received $1,094 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hirna will have already received $3,382 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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