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Chambana Sun

Tuesday, November 5, 2024

Former state university employee Kelly paid in $25K to pension fund, could collect $416K in retirement

Money 06

Former state university employee Kevin Kelly, who retired in April 2016, saved $24,921 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kelly would collect as much as $416,155, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Kelly received $8,747 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kelly will have already received $27,035 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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