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Sangamon Sun

Saturday, April 20, 2024

Former state university employee Kolba paid in $26K to pension fund, could collect $342K in retirement

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Former state university employee Brenda Kolba, who retired in September 2018, saved $26,201 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kolba would collect as much as $341,972, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Kolba received $7,188 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Kolba will have already received $30,073 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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