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Sangamon Sun

Tuesday, November 26, 2024

Former state university employee Hester paid in $50K to pension fund, could collect $3.02M in retirement

Money 05

Former state university employee John Hester, who retired in September 2016, saved $50,343 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hester would collect as much as $3.02 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Hester received $63,427 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Hester will have already received $63,427 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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