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Chambana Sun

Monday, November 25, 2024

Former state university employee Hess paid in $50K to pension fund, could collect $712K in retirement

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Former state university employee Robin Hess, who retired in July 2017, saved $49,962 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hess would collect as much as $712,483, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Hess received $14,975 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Hess will have already received $62,650 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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