Chicago City Wire

Chicago City Wire

Thursday, November 14, 2019

Former state university employee Kelly paid in $179K to pension fund, could collect $3.78M in retirement

Schools

By Local Labs News Service | Jun 1, 2018

Money836

Former state university employee Jacqueline Kelly, who retired in May 2018, saved $179,277 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kelly would collect as much as $3.78 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Kelly received $79,533 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kelly will have already received $245,829 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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