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Lake County Gazette

Sunday, June 29, 2025

Former state university employee Haney paid in $286K to pension fund, could collect $7.46M in retirement

Money 02

Former state university employee Richard Haney, who retired in June 2018, saved $286,130 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Haney would collect as much as $7.46 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Haney received $156,796 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Haney will have already received $318,296 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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