Quantcast

Chicago City Wire

Tuesday, April 23, 2024

Former state university employee McKinney paid in $9K to pension fund, could collect $710K in retirement

Shutterstock 249974521

Former state university employee William McKinney, who retired in June 2017, saved $9,276 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McKinney would collect as much as $710,291, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes McKinney received $14,929 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, McKinney will have already received $14,929 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS