Former state university employee MacSwain paid in $52K to pension fund, could collect $780K in retirement

By Local Labs News Service

Jul 1, 2016

Former state university employee Tracy MacSwain, who retired in June 2016, saved $52,372 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, MacSwain would collect as much as $779,724, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes MacSwain received $16,389 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, MacSwain will have already received $68,566 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

University of Illinois at Chicago

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate