Quantcast

Chambana Sun

Tuesday, April 23, 2024

Former state university employee O'Connor paid in $52K to pension fund, could collect $845K in retirement

Money 07

Former state university employee Joann O'Connor, who retired in March 2017, saved $51,840 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, O'Connor would collect as much as $844,859, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes O'Connor received $17,758 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, O'Connor will have already received $54,889 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