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Chambana Sun

Monday, November 25, 2024

Former state university employee McAuley paid in $384K to pension fund, could collect $8.04M in retirement

Money 06

Former state university employee Edward McAuley, who retired in June 2016, saved $384,138 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McAuley would collect as much as $8.04 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes McAuley received $169,007 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McAuley will have already received $522,383 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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