Sangamon Sun

Sangamon Sun

Thursday, December 5, 2019

Former state university employee Headrick paid in $27K to pension fund, could collect $479K in retirement

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By Local Labs News Service | Dec 1, 2017

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Former state university employee Karen Headrick, who retired in November 2017, saved $27,224 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Headrick would collect as much as $478,681, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Headrick received $10,061 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Headrick will have already received $31,098 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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