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Galesburg Reporter

Monday, December 23, 2024

Former state university employee Hendon paid in $10K to pension fund, could collect $518K in retirement

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Former state university employee Rhonda Hendon, who retired in June 2016, saved $10,313 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hendon would collect as much as $517,822, according to a projection by Local Government Information Services (LGIS), which publishes Galesburg Reporter.

The projection assumes Hendon received $10,884 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Hendon will have already received $10,884 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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