Chicago City Wire

Chicago City Wire

Thursday, February 20, 2020

Former state university employee Kern paid in $151K to pension fund, could collect $4.27M in retirement

Schools

By Local Labs News Service | Jan 1, 2018

Money 02

Former state university employee Jacqueline Kern, who retired in December 2017, saved $151,328 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kern would collect as much as $4.27 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Kern received $89,827 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Kern will have already received $182,349 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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