Former state university employee MacK paid in $83K to pension fund, could collect $2.95M in retirement

By Local Labs News Service

Mar 1, 2017

Former state university employee Brian MacK, who retired in February 2017, saved $82,686 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, MacK would collect as much as $2.95 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes MacK received $61,912 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, MacK will have already received $125,681 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

University of Illinois at Chicago

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate