Former state university employee Huffman paid in $54K to pension fund, could collect $1.04M in retirement

Former state university employee Kent Huffman, who retired in January 2017, saved $54,167 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Huffman would collect as much as $1.04 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Huffman received $21,790 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Huffman will have already received $67,351 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.