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Carbondale Reporter

Saturday, November 23, 2024

Former state university employee Hebert paid in $30K to pension fund, could collect $922K in retirement

Money 04

Former state university employee Mary Hebert, who retired in January 2017, saved $29,808 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hebert would collect as much as $922,120, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Hebert received $19,382 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Hebert will have already received $39,345 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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