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Chambana Sun

Monday, November 25, 2024

Former state university employee Haymon Coleman paid in $60K to pension fund, could collect $892K in retirement

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Former state university employee Cynthia Haymon Coleman, who retired in June 2016, saved $60,358 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Haymon Coleman would collect as much as $892,450, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Haymon Coleman received $18,758 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Haymon Coleman will have already received $78,478 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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