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Macon Reporter

Friday, November 22, 2024

Former state university employee Parkinson paid in $35K to pension fund, could collect $789K in retirement

Money 07

Former state university employee Kimberly Parkinson, who retired in August 2017, saved $35,127 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Parkinson would collect as much as $789,184, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Parkinson received $16,588 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Parkinson will have already received $51,273 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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