Quantcast

Chambana Sun

Tuesday, November 26, 2024

Former state university employee Hiles paid in $70K to pension fund, could collect $830K in retirement

Shutterstock 385535740

Former state university employee Don Hiles, who retired in March 2019, saved $70,373 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hiles would collect as much as $829,524, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Hiles received $17,436 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Hiles will have already received $72,946 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS