Chicago City Wire

Chicago City Wire

Tuesday, November 19, 2019

Former state university employee Meganck paid in $29K to pension fund, could collect $1.09M in retirement

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By Local Labs News Service | May 1, 2016

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Former state university employee Rosemary Meganck, who retired in April 2016, saved $28,899 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Meganck would collect as much as $1.09 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Meganck received $22,903 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Meganck will have already received $46,493 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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