Sangamon Sun

Sangamon Sun

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Former state university employee Hill paid in $19K to pension fund, could collect $276K in retirement


By Local Labs News Service | Sep 1, 2016

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Former state university employee Carol Hill, who retired in August 2016, saved $18,885 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hill would collect as much as $276,004, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Hill received $5,801 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Hill will have already received $24,269 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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