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Chambana Sun

Sunday, November 24, 2024

Former state university employee Kirkland paid in $40K to pension fund, could collect $615K in retirement

Money041

Former state university employee Ronald Kirkland, who retired in April 2019, saved $40,485 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kirkland would collect as much as $614,864, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Kirkland received $12,924 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Kirkland will have already received $54,069 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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