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Sangamon Sun

Friday, April 26, 2024

Former state university employee Sevim paid in $294K to pension fund, could collect $7.85M in retirement

Money 06

Former state university employee Hasan Sevim, who retired in January 2016, saved $293,511 toward a pension over 33 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sevim would collect as much as $7.85 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Sevim received $164,927 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Sevim will have already received $334,802 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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