Sangamon Sun

Sangamon Sun

Monday, December 9, 2019

Former state university employee Henkle paid in $444K to pension fund, could collect $8.87M in retirement

Schools

By Local Labs News Service | Mar 1, 2019

Money 08

Former state university employee Joseph Henkle, who retired in February 2019, saved $444,318 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Henkle would collect as much as $8.87 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Henkle received $186,456 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Henkle will have already received $576,318 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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