Sangamon Sun

Sangamon Sun

Thursday, December 5, 2019

Former state university employee McMahon paid in $133K to pension fund, could collect $2.06M in retirement

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By Local Labs News Service | Feb 1, 2019

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Former state university employee Bryan McMahon, who retired in January 2019, saved $132,907 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McMahon would collect as much as $2.06 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes McMahon received $43,260 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McMahon will have already received $133,713 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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