Sangamon Sun

Sangamon Sun

Monday, December 9, 2019

Former state university employee Koenig paid in $50K to pension fund, could collect $880K in retirement

Schools

By Local Labs News Service | Aug 1, 2016

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Former state university employee Barbara Koenig, who retired in July 2016, saved $49,583 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Koenig would collect as much as $880,215, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Koenig received $18,501 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Koenig will have already received $57,185 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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