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Chambana Sun

Saturday, November 23, 2024

Former state university employee Hollern paid in $71K to pension fund, could collect $1.61M in retirement

Money836

Former state university employee Jon Hollern, who retired in February 2018, saved $70,606 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hollern would collect as much as $1.61 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Hollern received $33,810 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hollern will have already received $104,503 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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