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Chambana Sun

Friday, April 19, 2024

Former state university employee Hamilton paid in $26K to pension fund, could collect $419K in retirement

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Former state university employee Jane Hamilton, who retired in May 2018, saved $26,025 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hamilton would collect as much as $418,724, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Hamilton received $8,801 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hamilton will have already received $27,203 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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