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Sangamon Sun

Tuesday, May 7, 2024

Former state university employee Kieffer paid in $36K to pension fund, could collect $1.09M in retirement

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Former state university employee Freida Kieffer, who retired in May 2018, saved $36,095 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kieffer would collect as much as $1.09 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Kieffer received $22,873 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Kieffer will have already received $46,432 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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