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Dupage Policy Journal

Sunday, November 17, 2024

Former state university employee Hir paid in $18K to pension fund, could collect $996K in retirement

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Former state university employee Margaret Hir, who retired in November 2017, saved $18,098 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hir would collect as much as $996,229, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Hir received $20,940 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Hir will have already received $20,940 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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