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Sangamon Sun

Friday, April 19, 2024

Former state university employee Heller paid in $82K to pension fund, could collect $1.83M in retirement

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Former state university employee Joyce Heller, who retired in January 2016, saved $81,938 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Heller would collect as much as $1.83 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Heller received $38,563 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Heller will have already received $119,195 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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