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Sangamon Sun

Monday, November 25, 2024

Former state university employee Hearn paid in $34K to pension fund, could collect $538K in retirement

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Former state university employee Donna Hearn, who retired in July 2016, saved $34,240 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hearn would collect as much as $538,100, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Hearn received $11,310 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hearn will have already received $34,957 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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