Quantcast

DeKalb Times

Thursday, November 21, 2024

Former state university employee Reding paid in $31K to pension fund, could collect $1.87M in retirement

Money 03

Former state university employee Kurt Reding, who retired in August 2017, saved $31,448 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Reding would collect as much as $1.87 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Reding received $39,254 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Reding will have already received $39,254 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS