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Chicago City Wire

Saturday, September 28, 2024

Former state university employee Hasemann paid in $34K to pension fund, could collect $508K in retirement

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Former state university employee Patricia Hasemann, who retired in October 2016, saved $34,189 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hasemann would collect as much as $508,447, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Hasemann received $10,687 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Hasemann will have already received $44,711 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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