Quantcast

Chicago City Wire

Tuesday, November 26, 2024

Former state university employee Hacker paid in $113K to pension fund, could collect $1.63M in retirement

Shutterstock 469426916

Former state university employee Eileen Hacker, who retired in February 2017, saved $112,932 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hacker would collect as much as $1.63 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Hacker received $34,278 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Hacker will have already received $143,405 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS