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Rockford Sun

Tuesday, December 24, 2024

Former state university employee Hedman paid in $90K to pension fund, could collect $2.42M in retirement

Money272

Former state university employee Terry Hedman, who retired in September 2016, saved $90,220 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hedman would collect as much as $2.42 million, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Hedman received $50,838 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Hedman will have already received $103,201 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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