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Sangamon Sun

Sunday, November 24, 2024

Former state university employee Boyd paid in $39K to pension fund, could collect $589K in retirement

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Former state university employee Kelly Boyd, who retired in November 2018, saved $38,858 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Boyd would collect as much as $589,173, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Boyd received $12,384 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Boyd will have already received $51,812 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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