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Sangamon Sun

Wednesday, April 24, 2024

Former state university employee Kelly paid in $266K to pension fund, could collect $3.07M in retirement

Money 04

Former state university employee Karen Kelly, who retired in June 2017, saved $266,193 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kelly would collect as much as $3.07 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Kelly received $64,541 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Kelly will have already received $270,014 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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