Former state university employee McGhee paid in $20K to pension fund, could collect $1.25M in retirement

By West Cook News

Feb 1, 2016

Former state university employee Mary McGhee, who retired in January 2016, saved $20,150 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McGhee would collect as much as $1.25 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes McGhee received $26,347 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, McGhee will have already received $26,347 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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