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Chambana Sun

Monday, November 25, 2024

Former state university employee Gibbons paid in $31K to pension fund, could collect $408K in retirement

Money 03

Former state university employee Kimberly Gibbons, who retired in October 2018, saved $30,721 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gibbons would collect as much as $407,626, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Gibbons received $8,568 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Gibbons will have already received $35,846 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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