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DeKalb Times

Friday, November 22, 2024

Former state university employee Kilmer paid in $42K to pension fund, could collect $698K in retirement

Money 04

Former state university employee Laurel Kilmer, who retired in September 2016, saved $41,782 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kilmer would collect as much as $698,245, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Kilmer received $14,676 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kilmer will have already received $45,361 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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