Former state university employee Modaff paid in $40K to pension fund, could collect $668K in retirement

Former state university employee Mary Modaff, who retired in May 2017, saved $40,446 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Modaff would collect as much as $668,404, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Modaff received $14,049 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Modaff will have already received $43,423 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.