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Chicago City Wire

Thursday, November 14, 2024

Former state university employee Pinkston McKee paid in $108K to pension fund, could collect $1.62M in retirement

Money 01

Former state university employee Ria Pinkston McKee, who retired in April 2016, saved $108,482 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Pinkston McKee would collect as much as $1.62 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Pinkston McKee received $34,017 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Pinkston McKee will have already received $142,316 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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