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Dupage Policy Journal

Thursday, April 18, 2024

Former state university employee Heinemann paid in $61K to pension fund, could collect $1.34M in retirement

Money 04

Former state university employee Sandra Heinemann, who retired in July 2018, saved $60,629 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Heinemann would collect as much as $1.34 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Heinemann received $28,247 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Heinemann will have already received $87,308 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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