South Cook News

South Cook News

Tuesday, February 18, 2020

Former state university employee King paid in $17K to pension fund, could collect $269K in retirement


By Local Labs News Service | Jun 1, 2018

Money 08

Former state university employee Anita King, who retired in May 2018, saved $17,044 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, King would collect as much as $269,358, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes King received $5,661 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, King will have already received $17,498 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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