South Cook News

South Cook News

Sunday, December 15, 2019

Former state university employee Knight paid in $3K to pension fund, could collect $48K in retirement


By Local Labs News Service | Jan 1, 2018

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Former state university employee Shae Knight, who retired in December 2017, saved $2,734 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Knight would collect as much as $47,956, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Knight received $1,008 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Knight will have already received $3,115 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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