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Sangamon Sun

Sunday, November 24, 2024

Former state university employee Heth paid in $204K to pension fund, could collect $3.59M in retirement

Money759

Former state university employee David Heth, who retired in November 2017, saved $204,448 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Heth would collect as much as $3.59 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Heth received $75,458 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Heth will have already received $233,234 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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