Former state university employee Hooker paid in $52K to pension fund, could collect $1.66M in retirement

By Local Labs News Service

Apr 1, 2016

Former state university employee Christopher Hooker, who retired in March 2016, saved $51,776 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hooker would collect as much as $1.66 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Hooker received $34,917 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Hooker will have already received $70,882 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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