Former state university employee Hovey paid in $22K to pension fund, could collect $274K in retirement

By Local Labs News Service

Feb 1, 2016

Former state university employee Robert Hovey, who retired in January 2016, saved $21,849 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hovey would collect as much as $274,382, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Hovey received $5,767 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Hovey will have already received $24,127 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 Chicago

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