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Chicago City Wire

Sunday, August 3, 2025

Former state university employee McMahon paid in $50K to pension fund, could collect $915K in retirement

Money 08

Former state university employee William McMahon, who retired in January 2017, saved $49,535 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McMahon would collect as much as $914,538, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes McMahon received $19,222 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McMahon will have already received $59,414 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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