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Macon Reporter

Friday, November 22, 2024

Former state university employee Hays paid in $33K to pension fund, could collect $436K in retirement

Money 07

Former state university employee Debra Hays, who retired in August 2017, saved $33,020 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hays would collect as much as $435,806, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Hays received $9,160 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Hays will have already received $38,323 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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