Quantcast

Chicago City Wire

Tuesday, April 23, 2024

Former state university employee Kangas paid in $271K to pension fund, could collect $7.58M in retirement

Money041

Former state university employee Ward Kangas, who retired in July 2016, saved $271,397 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kangas would collect as much as $7.58 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Kangas received $159,309 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Kangas will have already received $323,397 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS