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Sangamon Sun

Sunday, November 24, 2024

Former state university employee Hardwick paid in $46K to pension fund, could collect $1.24M in retirement

Money759

Former state university employee Doris Hardwick, who retired in February 2018, saved $46,395 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hardwick would collect as much as $1.24 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Hardwick received $25,991 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Hardwick will have already received $52,762 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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