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West Central Reporter

Tuesday, April 23, 2024

Former state university employee Kirkpatrick paid in $44K to pension fund, could collect $715K in retirement

Money759

Former state university employee William Kirkpatrick, who retired in June 2017, saved $44,088 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kirkpatrick would collect as much as $715,401, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Kirkpatrick received $15,037 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kirkpatrick will have already received $46,478 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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