Prairie State Wire

Prairie State Wire

Tuesday, November 12, 2019

Former state university employee Hermes paid in $28K to pension fund, could collect $731K in retirement

Schools

By Local Labs News Service | Feb 1, 2018

Shutterstock 443523112

Former state university employee Amy Hermes, who retired in January 2018, saved $27,581 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hermes would collect as much as $730,627, according to a projection by Local Government Information Services (LGIS), which publishes Prairie State Wire.

The projection assumes Hermes received $15,357 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Hermes will have already received $31,175 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

Want to get notified whenever we write about Illinois Community College Board ?

Sign-up Next time we write about Illinois Community College Board, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

Illinois Community College Board

More News