Quantcast

West Cook News

Tuesday, December 24, 2024

Former state university employee McLaren paid in $26K to pension fund, could collect $1.28M in retirement

Shutterstock 373239541

Former state university employee Kimberly McLaren, who retired in August 2018, saved $26,432 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McLaren would collect as much as $1.28 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes McLaren received $26,949 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, McLaren will have already received $26,949 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS