Chicago City Wire

Chicago City Wire

Friday, November 22, 2019

Former state university employee McDonagh paid in $21K to pension fund, could collect $1.15M in retirement


By Local Labs News Service | Aug 1, 2018

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Former state university employee Nancy McDonagh, who retired in July 2018, saved $20,823 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McDonagh would collect as much as $1.15 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes McDonagh received $24,249 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, McDonagh will have already received $24,249 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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