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Sangamon Sun

Monday, November 25, 2024

Former state university employee Haynes paid in $45K to pension fund, could collect $978K in retirement

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Former state university employee Sally Haynes, who retired in January 2018, saved $45,305 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Haynes would collect as much as $978,394, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Haynes received $20,565 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Haynes will have already received $63,564 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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