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Chicago City Wire

Thursday, April 25, 2024

Former state university employee McNallan paid in $119K to pension fund, could collect $6.48M in retirement

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Former state university employee Michael McNallan, who retired in June 2018, saved $119,352 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McNallan would collect as much as $6.48 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes McNallan received $136,126 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, McNallan will have already received $136,126 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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