Quantcast

Sangamon Sun

Friday, November 22, 2024

Former state university employee Heitmann paid in $83K to pension fund, could collect $1.22M in retirement

Money 05

Former state university employee Mary Heitmann, who retired in June 2018, saved $82,797 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Heitmann would collect as much as $1.22 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Heitmann received $25,675 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Heitmann will have already received $107,413 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS