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West Central Reporter

Friday, April 26, 2024

Former state university employee Kaul paid in $73K to pension fund, could collect $1.75M in retirement

Money041

Former state university employee Rita Kaul, who retired in June 2017, saved $73,484 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kaul would collect as much as $1.75 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Kaul received $36,767 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Kaul will have already received $74,637 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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