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Chambana Sun

Monday, November 25, 2024

Former state university employee Hinners paid in $60K to pension fund, could collect $1.52M in retirement

Money759

Former state university employee Charles Hinners, who retired in June 2017, saved $60,080 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hinners would collect as much as $1.52 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Hinners received $31,994 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Hinners will have already received $64,948 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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