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DeKalb Times

Sunday, November 24, 2024

Former state university employee King paid in $42K to pension fund, could collect $1.28M in retirement

Money 04

Former state university employee Deanne King, who retired in January 2019, saved $41,722 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, King would collect as much as $1.28 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes King received $26,808 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, King will have already received $54,420 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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