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Will County Gazette

Monday, November 25, 2024

Former state university employee Kempster paid in $24K to pension fund, could collect $1.41M in retirement

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Former state university employee Gail Kempster, who retired in March 2017, saved $24,081 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kempster would collect as much as $1.41 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Kempster received $29,705 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Kempster will have already received $29,705 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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