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Sangamon Sun

Tuesday, April 23, 2024

Former state university employee Haring paid in $44K to pension fund, could collect $702K in retirement

Money 01

Former state university employee Lori Haring, who retired in March 2019, saved $43,933 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Haring would collect as much as $702,213, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Haring received $14,760 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Haring will have already received $45,622 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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