Quantcast

Dupage Policy Journal

Tuesday, April 16, 2024

Former state university employee Bonie paid in $30K to pension fund, could collect $896K in retirement

Money041

Former state university employee Kathy Bonie, who retired in March 2016, saved $30,148 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bonie would collect as much as $896,166, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Bonie received $18,836 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Bonie will have already received $38,237 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS