Former state university employee Kennedy paid in $224K to pension fund, could collect $6.12M in retirement

By West Cook News

Jul 1, 2017

Former state university employee Kevin Kennedy, who retired in June 2017, saved $223,897 toward a pension over 34 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kennedy would collect as much as $6.12 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Kennedy received $128,717 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Kennedy will have already received $261,296 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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