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DeKalb Times

Saturday, November 23, 2024

Former state university employee Kandler paid in $29K to pension fund, could collect $438K in retirement

Money 03

Former state university employee Melanie Kandler, who retired in June 2016, saved $29,142 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kandler would collect as much as $437,598, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Kandler received $9,198 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Kandler will have already received $38,481 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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