Quantcast

Chambana Sun

Tuesday, November 5, 2024

Former state university employee Hamer paid in $28K to pension fund, could collect $414K in retirement

Money836

Former state university employee William Hamer, who retired in April 2016, saved $28,110 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hamer would collect as much as $414,237, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Hamer received $8,706 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Hamer will have already received $36,422 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS