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Dupage Policy Journal

Friday, April 19, 2024

Former state university employee McGinnis paid in $251K to pension fund, could collect $5.6M in retirement

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Former state university employee Therese McGinnis, who retired in January 2016, saved $251,473 toward a pension over 33 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McGinnis would collect as much as $5.6 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes McGinnis received $117,631 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McGinnis will have already received $363,586 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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