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Sangamon Sun

Sunday, November 24, 2024

Former state university employee Heinz paid in $4K to pension fund, could collect $70K in retirement

Money759

Former state university employee Darlene Heinz, who retired in February 2018, saved $4,273 toward a pension over 2 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Heinz would collect as much as $70,455, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Heinz received $1,480 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Heinz will have already received $4,574 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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