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Sangamon Sun

Friday, November 8, 2024

Former state university employee McDannel paid in $133K to pension fund, could collect $3.24M in retirement

Money 05

Former state university employee Julie McDannel, who retired in May 2018, saved $132,765 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McDannel would collect as much as $3.24 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes McDannel received $68,087 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, McDannel will have already received $138,217 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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