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Chambana Sun

Tuesday, November 26, 2024

Former state university employee Fahey paid in $123K to pension fund, could collect $1.77M in retirement

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Former state university employee Amy Fahey, who retired in November 2018, saved $123,056 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Fahey would collect as much as $1.77 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Fahey received $37,248 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Fahey will have already received $155,830 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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