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Chicago City Wire

Sunday, September 29, 2024

Former state university employee Kenney paid in $3K to pension fund, could collect $151K in retirement

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Former state university employee Barbara Kenney, who retired in October 2016, saved $3,309 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kenney would collect as much as $150,764, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Kenney received $3,168 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Kenney will have already received $6,431 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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