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Sangamon Sun

Friday, May 3, 2024

Former state university employee Hohimer paid in $5K to pension fund, could collect $405K in retirement

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Former state university employee Joellyn Hohimer, who retired in October 2018, saved $5,189 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hohimer would collect as much as $405,342, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Hohimer received $8,520 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Hohimer will have already received $8,520 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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