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Chicago City Wire

Friday, April 19, 2024

Former state university employee Kemp paid in $29K to pension fund, could collect $558K in retirement

Money041

Former state university employee Donna Kemp, who retired in January 2018, saved $28,664 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kemp would collect as much as $558,419, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Kemp received $11,737 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kemp will have already received $36,278 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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