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Dupage Policy Journal

Thursday, April 18, 2024

Former state university employee Kies paid in $238K to pension fund, could collect $5.85M in retirement

Money041

Former state university employee Daniel Kies, who retired in September 2016, saved $238,095 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kies would collect as much as $5.85 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Kies received $122,981 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Kies will have already received $249,651 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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