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Sangamon Sun

Saturday, September 21, 2024

Former state university employee Hargrave paid in $26K to pension fund, could collect $443K in retirement

Money272

Former state university employee Elizabeth Hargrave, who retired in June 2016, saved $26,261 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hargrave would collect as much as $442,519, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Hargrave received $9,301 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hargrave will have already received $28,748 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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