Quantcast

Galesburg Reporter

Thursday, April 25, 2024

Former state university employee Herr paid in $12K to pension fund, could collect $256K in retirement

Shutterstock 262120544

Former state university employee Jody Herr, who retired in March 2019, saved $12,466 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Herr would collect as much as $256,336, according to a projection by Local Government Information Services (LGIS), which publishes Galesburg Reporter.

The projection assumes Herr received $5,388 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Herr will have already received $16,655 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS