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McLean County Times

Tuesday, November 26, 2024

Former state university employee Kennell paid in $101K to pension fund, could collect $1.39M in retirement

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Former state university employee David Kennell, who retired in January 2016, saved $100,761 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kennell would collect as much as $1.39 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Kennell received $29,249 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Kennell will have already received $122,366 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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