Chicago City Wire

Chicago City Wire

Thursday, January 23, 2020

Former state university employee Halverson paid in $96K to pension fund, could collect $1.55M in retirement

Schools

By Local Labs News Service | Jan 1, 2018

Money759

Former state university employee Robert Halverson, who retired in December 2017, saved $95,963 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Halverson would collect as much as $1.55 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Halverson received $32,540 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Halverson will have already received $100,577 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

Want to get notified whenever we write about University of Illinois at Urbana Champaign ?

Sign-up Next time we write about University of Illinois at Urbana Champaign, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

University of Illinois at Urbana Champaign

More News