Former state university employee Arlendale Hobbs, who retired in July 2018, saved $47,347 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.
Over 30 years of retirement, Hobbs would collect as much as $853,502, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.
The projection assumes Hobbs received $17,940 in the first year of retirement, then 3 percent annual increases thereafter, compounded.
After 3 years of retirement, Hobbs will have already received $55,450 in retirement benefits, or more than the sum total of the retiree’s contributions to the state pension fund.
