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Sangamon Sun

Sunday, November 24, 2024

Former state university employee Herreman paid in $57K to pension fund, could collect $806K in retirement

Money 04

Former state university employee S. Herreman, who retired in July 2017, saved $56,625 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Herreman would collect as much as $806,300, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Herreman received $16,947 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Herreman will have already received $70,899 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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