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Chambana Sun

Saturday, November 23, 2024

Former state university employee Hong paid in $51K to pension fund, could collect $490K in retirement

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Former state university employee Sungjin Hong, who retired in February 2018, saved $50,987 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hong would collect as much as $489,836, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Hong received $10,296 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Hong will have already received $54,664 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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