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Chicago City Wire

Thursday, April 25, 2024

Former state university employee Kenny paid in $140K to pension fund, could collect $2.04M in retirement

Money 03

Former state university employee Thomas Kenny, who retired in May 2018, saved $139,783 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kenny would collect as much as $2.04 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Kenny received $42,875 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Kenny will have already received $179,373 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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