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Macon Reporter

Friday, November 22, 2024

Former state university employee Kramer paid in $14K to pension fund, could collect $332K in retirement

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Former state university employee Shirley Kramer, who retired in January 2017, saved $14,098 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kramer would collect as much as $331,593, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Kramer received $6,969 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Kramer will have already received $14,147 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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