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South Cook News

Tuesday, April 23, 2024

Former state university employee Kelly paid in $26K to pension fund, could collect $416K in retirement

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Former state university employee Vincent Kelly, who retired in June 2017, saved $25,689 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kelly would collect as much as $416,109, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Kelly received $8,746 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kelly will have already received $27,032 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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