Monday, February 17, 2020

Former state university employee Korr paid in $284K to pension fund, could collect $9.08M in retirement

By Local Labs News Service | Jan 1, 2018

Money759

Former state university employee Wynne Korr, who retired in December 2017, saved $284,197 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Korr would collect as much as $9.08 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Korr received $190,908 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Korr will have already received $387,543 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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