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Chicago City Wire

Thursday, April 25, 2024

Former state university employee Kirchner paid in $49K to pension fund, could collect $799K in retirement

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Former state university employee Kim Kirchner, who retired in April 2019, saved $48,664 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kirchner would collect as much as $798,696, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Kirchner received $16,788 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kirchner will have already received $51,891 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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