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Chambana Sun

Thursday, April 18, 2024

Former state university employee Hogan paid in $222K to pension fund, could collect $3.95M in retirement

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Former state university employee Kevin Hogan, who retired in January 2016, saved $222,076 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hogan would collect as much as $3.95 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Hogan received $82,971 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hogan will have already received $256,455 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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