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Sangamon Sun

Wednesday, April 24, 2024

Former state university employee Headrick paid in $14K to pension fund, could collect $218K in retirement

Money272

Former state university employee Kathy Headrick, who retired in November 2016, saved $13,816 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Headrick would collect as much as $218,222, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Headrick received $4,586 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Headrick will have already received $14,176 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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