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Sunday, December 15, 2019

Former state university employee Kennedy paid in $174K to pension fund, could collect $4.23M in retirement

Schools

By Local Labs News Service | Jan 1, 2018

Money041

Former state university employee Alexis Kennedy, who retired in December 2017, saved $173,873 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kennedy would collect as much as $4.23 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Kennedy received $88,917 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Kennedy will have already received $180,502 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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