Quantcast

West Cook News

Thursday, April 25, 2024

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

Shutterstock 385535740

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.

ORGANIZATIONS IN THIS STORY

!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

MORE NEWS