Dupage Policy Journal

Dupage Policy Journal

Wednesday, November 13, 2019

Former state university employee Heine paid in $123K to pension fund, could collect $2.61M in retirement


By Local Labs News Service | Sep 1, 2018

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Former state university employee Carl Heine, who retired in August 2018, saved $123,200 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Heine would collect as much as $2.61 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Heine received $54,857 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Heine will have already received $169,558 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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