Quantcast

Sangamon Sun

Monday, November 25, 2024

Former state university employee McDowell paid in $105K to pension fund, could collect $3.65M in retirement

Shutterstock 249974521

Former state university employee Rhonda McDowell, who retired in June 2017, saved $105,063 toward a pension over 34 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McDowell would collect as much as $3.65 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes McDowell received $76,715 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, McDowell will have already received $155,731 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS