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DeKalb Times

Friday, November 22, 2024

Former state university employee Propp paid in $24K to pension fund, could collect $1.12M in retirement

Money272

Former state university employee Kathleen Propp, who retired in January 2018, saved $23,759 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Propp would collect as much as $1.12 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Propp received $23,606 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Propp will have already received $47,920 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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