Chicago City Wire

Chicago City Wire

Monday, January 27, 2020

Former state university employee Koester paid in $76K to pension fund, could collect $1.94M in retirement

Schools

By Local Labs News Service | Jan 1, 2018

Money 02

Former state university employee Candace Koester, who retired in December 2017, saved $76,124 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Koester would collect as much as $1.94 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Koester received $40,800 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Koester will have already received $82,824 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University of Illinois at Urbana Champaign

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