Chicago City Wire

Chicago City Wire

Saturday, October 19, 2019

Former state university employee McDorman paid in $2K to pension fund, could collect $36K in retirement


By Local Labs News Service | Feb 1, 2019

Former state university employee Maria McDorman, who retired in January 2019, saved $2,358 toward a pension over 2 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McDorman would collect as much as $35,681, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes McDorman received $750 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, McDorman will have already received $3,139 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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