Dupage Policy Journal

Dupage Policy Journal

Friday, January 17, 2020

Former state university employee Kane paid in $16K to pension fund, could collect $238K in retirement

Schools

By Local Labs News Service | Oct 1, 2016

Money 08

Former state university employee Patricia Kane, who retired in September 2016, saved $15,690 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kane would collect as much as $238,050, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Kane received $5,003 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Kane will have already received $20,931 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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