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Carbondale Reporter

Wednesday, April 24, 2024

Former state university employee Hinze paid in $116K to pension fund, could collect $2.52M in retirement

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Former state university employee Paul Hinze, who retired in January 2018, saved $116,304 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hinze would collect as much as $2.52 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Hinze received $53,042 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hinze will have already received $163,947 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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