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West Cook News

Tuesday, December 24, 2024

Former state university employee McIntosh paid in $115K to pension fund, could collect $2.79M in retirement

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Former state university employee William McIntosh, who retired in June 2016, saved $114,709 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McIntosh would collect as much as $2.79 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes McIntosh received $58,659 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, McIntosh will have already received $119,078 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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