Kane County Reporter

Kane County Reporter

Wednesday, February 26, 2020

Former state university employee Hutman paid in $222K to pension fund, could collect $4.77M in retirement

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By Local Labs News Service | Oct 1, 2016

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Former state university employee Lucinda Hutman, who retired in September 2016, saved $221,764 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hutman would collect as much as $4.77 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Hutman received $100,277 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hutman will have already received $309,946 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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