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Sangamon Sun

Tuesday, November 26, 2024

Former state university employee Heinz paid in $6K to pension fund, could collect $252K in retirement

Money 02

Former state university employee Kimberly Heinz, who retired in July 2018, saved $6,417 toward a pension over 2 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Heinz would collect as much as $252,328, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Heinz received $5,303 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Heinz will have already received $10,765 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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