Former state university employee McMahon paid in $2K to pension fund, could collect $318K in retirement

By Local Labs News Service

Apr 1, 2017

Former state university employee Thomas McMahon, who retired in March 2017, saved $2,425 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McMahon would collect as much as $317,588, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes McMahon received $6,675 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, McMahon will have already received $6,675 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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Chicago State University

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