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DeKalb Times

Sunday, November 24, 2024

Former state university employee Kraus paid in $67K to pension fund, could collect $2.35M in retirement

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Former state university employee Alan Kraus, who retired in December 2017, saved $67,421 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kraus would collect as much as $2.35 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Kraus received $49,403 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Kraus will have already received $100,288 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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