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Carbondale Reporter

Sunday, November 24, 2024

Former state university employee Kimmel paid in $32K to pension fund, could collect $1.37M in retirement

Money 01

Former state university employee Philip Kimmel, who retired in May 2016, saved $32,285 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kimmel would collect as much as $1.37 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Kimmel received $28,762 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Kimmel will have already received $58,387 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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