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Chicago City Wire

Thursday, April 25, 2024

Former state university employee MacFarlane paid in $84K to pension fund, could collect $1.77M in retirement

Money 05

Former state university employee Vonda MacFarlane, who retired in April 2019, saved $84,465 toward a pension over 34 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, MacFarlane would collect as much as $1.77 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes MacFarlane received $37,188 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, MacFarlane will have already received $114,945 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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