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Kane County Reporter

Sunday, November 24, 2024

Former state university employee Hollender paid in $39K to pension fund, could collect $874K in retirement

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Former state university employee Carmen Hollender, who retired in January 2017, saved $39,041 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hollender would collect as much as $874,398, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Hollender received $18,379 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hollender will have already received $56,807 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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