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DeKalb Times

Tuesday, April 16, 2024

Former state university employee Keay paid in $42K to pension fund, could collect $704K in retirement

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Former state university employee Sumiko Keay, who retired in December 2016, saved $41,792 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Keay would collect as much as $704,142, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Keay received $14,800 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Keay will have already received $45,745 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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