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Will County Gazette

Monday, November 25, 2024

Former state university employee Prokes paid in $26K to pension fund, could collect $388K in retirement

Money 07

Former state university employee Kim Prokes, who retired in September 2016, saved $25,957 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Prokes would collect as much as $388,386, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Prokes received $8,163 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Prokes will have already received $34,151 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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