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North Egypt News

Friday, November 15, 2024

Former state university employee Hefner paid in $3K to pension fund, could collect $108K in retirement

Money 08

Former state university employee Thomas Hefner, who retired in August 2018, saved $3,187 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hefner would collect as much as $108,135, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.

The projection assumes Hefner received $2,272 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Hefner will have already received $4,612 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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