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South Central Reporter

Tuesday, November 26, 2024

Former state university employee Kinsey paid in $113K to pension fund, could collect $2.74M in retirement

Money 08

Former state university employee Nancy Kinsey, who retired in March 2017, saved $112,849 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kinsey would collect as much as $2.74 million, according to a projection by Local Government Information Services (LGIS), which publishes South Central Reporter.

The projection assumes Kinsey received $57,660 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Kinsey will have already received $117,050 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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