Sangamon Sun

Sangamon Sun

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Former state university employee Herndon paid in $25K to pension fund, could collect $434K in retirement

Schools

By Local Labs News Service | Oct 1, 2018

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Former state university employee James Herndon, who retired in September 2018, saved $24,625 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Herndon would collect as much as $433,887, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Herndon received $9,120 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Herndon will have already received $28,190 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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