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DeKalb Times

Saturday, November 16, 2024

Former state university employee Renk paid in $85K to pension fund, could collect $1.55M in retirement

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Former state university employee Kathleen Renk, who retired in July 2018, saved $84,688 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Renk would collect as much as $1.55 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Renk received $32,538 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Renk will have already received $100,571 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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