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Sangamon Sun

Friday, April 19, 2024

Former state university employee Hodgson paid in $70K to pension fund, could collect $2.05M in retirement

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Former state university employee Scott Hodgson, who retired in September 2017, saved $70,251 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hodgson would collect as much as $2.05 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Hodgson received $43,119 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Hodgson will have already received $87,532 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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