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Dupage Policy Journal

Wednesday, April 17, 2024

Former state university employee McCartney paid in $5K to pension fund, could collect $70K in retirement

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Former state university employee David McCartney, who retired in August 2016, saved $5,328 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McCartney would collect as much as $69,947, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes McCartney received $1,470 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, McCartney will have already received $6,149 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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