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


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.

Want to get notified whenever we write about University of Illinois at Urbana Champaign ?

Sign-up Next time we write about University of Illinois at Urbana Champaign, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

University of Illinois at Urbana Champaign

More News