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Sangamon Sun

Tuesday, November 26, 2024

Former state university employee Hornberger paid in $60K to pension fund, could collect $1.75M in retirement

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Former state university employee Pauline Hornberger, who retired in July 2018, saved $60,222 toward a pension over 33 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hornberger would collect as much as $1.75 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Hornberger received $36,726 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Hornberger will have already received $74,554 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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