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Sangamon Sun

Sunday, May 5, 2024

Former state university employee Kidder paid in $135K to pension fund, could collect $2.85M in retirement

Money 02

Former state university employee Mary Kidder, who retired in August 2018, saved $134,690 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kidder would collect as much as $2.85 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Kidder received $59,927 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kidder will have already received $185,229 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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