Chicago City Wire

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Former state university employee McCluskey paid in $39K to pension fund, could collect $933K in retirement

Schools

By Local Labs News Service | Feb 1, 2016

Money 07

Former state university employee Michael McCluskey, who retired in January 2016, saved $38,734 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McCluskey would collect as much as $932,790, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes McCluskey received $19,606 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, McCluskey will have already received $39,800 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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