Former state university employee McDonald paid in $70K to pension fund, could collect $859K in retirement

By Local Labs News Service

Feb 1, 2019

Former state university employee Robert McDonald, who retired in January 2019, saved $70,015 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McDonald would collect as much as $858,641, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes McDonald received $18,048 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, McDonald will have already received $75,505 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University of Illinois at Chicago

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