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Chambana Sun

Saturday, November 23, 2024

Former state university employee Hilsenhoff paid in $224K to pension fund, could collect $3.95M in retirement

Money 01

Former state university employee Berniece Hilsenhoff, who retired in May 2016, saved $224,289 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hilsenhoff 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 Hilsenhoff received $82,979 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hilsenhoff will have already received $256,479 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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