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Sangamon Sun

Sunday, June 2, 2024

Former state university employee McDonnough paid in $103K to pension fund, could collect $2.55M in retirement

Money 02

Former state university employee Sylvia McDonnough, who retired in January 2016, saved $103,006 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McDonnough would collect as much as $2.55 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes McDonnough received $53,548 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, McDonnough will have already received $108,702 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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