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Chicago City Wire

Sunday, September 29, 2024

Former state university employee McKenna paid in $94K to pension fund, could collect $1.7M in retirement

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Former state university employee Susan McKenna, who retired in December 2016, saved $94,394 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McKenna would collect as much as $1.7 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes McKenna received $35,728 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McKenna will have already received $110,432 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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