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Sangamon Sun

Monday, November 25, 2024

Former state university employee McGuire paid in $194K to pension fund, could collect $1.86M in retirement

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Former state university employee Kristine McGuire, who retired in July 2016, saved $194,482 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McGuire would collect as much as $1.86 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes McGuire received $39,147 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, McGuire will have already received $207,836 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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