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Chambana Sun

Friday, April 26, 2024

Former state university employee Hutchinson paid in $235K to pension fund, could collect $4.73M in retirement

Money 06

Former state university employee Seth Hutchinson, who retired in January 2018, saved $235,318 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hutchinson would collect as much as $4.73 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Hutchinson received $99,504 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hutchinson will have already received $307,557 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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