Quantcast

Dupage Policy Journal

Tuesday, April 23, 2024

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

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.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS