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Sangamon Sun

Monday, November 25, 2024

Former state university employee Hogle paid in $52K to pension fund, could collect $971K in retirement

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Former state university employee Charles Hogle, who retired in July 2017, saved $51,654 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hogle would collect as much as $970,589, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Hogle received $20,401 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hogle will have already received $63,057 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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