McHenry Times

McHenry Times

Monday, November 18, 2019

Former state university employee Howell paid in $400 to pension fund, could collect $7K in retirement

Schools

By Local Labs News Service | Dec 1, 2018

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Former state university employee Bruce Howell, who retired in November 2018, saved $400 toward a pension over 1 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Howell would collect as much as $7,421, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Howell received $156 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Howell will have already received $483 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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