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Chambana Sun

Tuesday, November 26, 2024

Former state university employee Kemphues paid in $55K to pension fund, could collect $891K in retirement

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Former state university employee Jerome Kemphues, who retired in November 2018, saved $54,615 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kemphues would collect as much as $891,182, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Kemphues received $18,732 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kemphues will have already received $57,899 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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