Former state university employee O'Connell paid in $72K to pension fund, could collect $2.31M in retirement

By Local Labs News Service

May 1, 2018

Former state university employee John O'Connell, who retired in April 2018, saved $72,299 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, O'Connell would collect as much as $2.31 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes O'Connell received $48,640 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, O'Connell will have already received $98,739 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University of Illinois at Chicago

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