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Chambana Sun

Monday, November 25, 2024

Former state university employee Hardt paid in $4K to pension fund, could collect $54K in retirement

Money 03

Former state university employee William Hardt, who retired in June 2016, saved $3,653 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hardt would collect as much as $53,910, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Hardt received $1,133 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Hardt will have already received $4,740 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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