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Chambana Sun

Friday, April 26, 2024

Former state university employee Kirkwood paid in $76K to pension fund, could collect $897K in retirement

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Former state university employee Gail Kirkwood, who retired in December 2018, saved $76,089 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kirkwood would collect as much as $896,891, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Kirkwood received $18,852 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Kirkwood will have already received $78,872 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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