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Sangamon Sun

Monday, May 12, 2025

Former state university employee McDermott paid in $101K to pension fund, could collect $2.38M in retirement

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Former state university employee James McDermott, who retired in January 2018, saved $100,921 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McDermott would collect as much as $2.38 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes McDermott received $50,019 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, McDermott will have already received $101,539 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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