Former state university employee Hutchinson paid in $7K to pension fund, could collect $141K in retirement

By Rock Island Today Reports

Jul 1, 2016

Former state university employee Judith Hutchinson, who retired in June 2016, saved $6,804 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hutchinson would collect as much as $140,631, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Hutchinson received $2,955 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hutchinson will have already received $9,134 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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