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Metro East Sun

Saturday, November 23, 2024

Former state university employee Hunt paid in $4K to pension fund, could collect $98K in retirement

Money 06

Former state university employee Kim Hunt, who retired in August 2016, saved $4,186 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hunt would collect as much as $97,624, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Hunt received $2,052 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hunt will have already received $6,343 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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