Chicago City Wire

Chicago City Wire

Tuesday, November 19, 2019

Former state university employee Rathers McConnell paid in $84K to pension fund, could collect $1.4M in retirement

Schools

By Local Labs News Service | Feb 1, 2018

Money 04

Former state university employee Antoinette Rathers McConnell, who retired in January 2018, saved $84,111 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Rathers McConnell would collect as much as $1.4 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Rathers McConnell received $29,510 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rathers McConnell will have already received $91,212 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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