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West Cook News

Friday, November 22, 2024

Former state university employee Desmond paid in $102K to pension fund, could collect $2.24M in retirement

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Former state university employee Marianna Desmond, who retired in August 2016, saved $101,544 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Desmond would collect as much as $2.24 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Desmond received $47,050 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Desmond will have already received $145,428 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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