Former state university employee Kelly paid in $422 to pension fund, could collect $209K in retirement

By East Central Reporter Reports

Oct 1, 2016

Former state university employee Steve Kelly, who retired in September 2016, saved $422 toward a pension over 2 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kelly would collect as much as $208,768, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Kelly received $4,388 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Kelly will have already received $4,388 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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