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Will County Gazette

Friday, November 22, 2024

Former state university employee Bonie paid in $30K to pension fund, could collect $896K in retirement

Money 05

Former state university employee Kathy Bonie, who retired in March 2016, saved $30,148 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bonie would collect as much as $896,166, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Bonie received $18,836 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Bonie will have already received $38,237 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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