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Sangamon Sun

Friday, April 26, 2024

Former state university employee Hicks paid in $26K to pension fund, could collect $392K in retirement

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Former state university employee Betty Hicks, who retired in October 2017, saved $26,090 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hicks would collect as much as $392,188, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Hicks received $8,243 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Hicks will have already received $34,485 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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