Former state university employee Kelley paid in $96K to pension fund, could collect $2.09M in retirement

By Local Labs News Service

Feb 1, 2016

Former state university employee Michael Kelley, who retired in January 2016, saved $96,298 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kelley would collect as much as $2.09 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Kelley received $43,943 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kelley will have already received $135,823 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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