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Sangamon Sun

Saturday, November 23, 2024

Former state university employee Hemmen paid in $4K to pension fund, could collect $50K in retirement

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Former state university employee Michael Hemmen, who retired in June 2016, saved $3,669 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hemmen would collect as much as $49,765, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Hemmen received $1,046 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Hemmen will have already received $4,374 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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