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Will County Gazette

Monday, November 25, 2024

Former state university employee Hickey paid in $44K to pension fund, could collect $672K in retirement

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Former state university employee Kathleen Hickey, who retired in September 2016, saved $43,550 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hickey would collect as much as $671,721, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Hickey received $14,119 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hickey will have already received $43,641 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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