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South Cook News

Wednesday, April 24, 2024

Former state university employee Kijak Wolfe paid in $8K to pension fund, could collect $308K in retirement

Money 08

Former state university employee Alexandra Kijak Wolfe, who retired in July 2017, saved $8,351 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kijak Wolfe would collect as much as $308,448, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Kijak Wolfe received $6,483 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Kijak Wolfe will have already received $13,160 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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