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DeKalb Times

Monday, November 18, 2024

Former state university employee Kirk paid in $200K to pension fund, could collect $4.3M in retirement

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Former state university employee John Kirk, who retired in March 2018, saved $200,345 toward a pension over 34 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kirk would collect as much as $4.3 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Kirk received $90,450 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kirk will have already received $279,573 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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