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Carbondale Reporter

Wednesday, November 6, 2024

Former state university employee Hexamer paid in $43K to pension fund, could collect $1.72M in retirement

Money 02

Former state university employee Thomas Hexamer, who retired in January 2018, saved $42,702 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hexamer would collect as much as $1.72 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Hexamer received $36,079 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Hexamer will have already received $73,240 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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