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Sangamon Sun

Thursday, April 25, 2024

Former state university employee Kingston paid in $53K to pension fund, could collect $1.22M in retirement

Money041

Former state university employee Pamela Kingston, who retired in January 2016, saved $52,780 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kingston would collect as much as $1.22 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Kingston received $25,691 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kingston will have already received $79,409 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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