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Chambana Sun

Sunday, November 24, 2024

Former state university employee McLennand paid in $140K to pension fund, could collect $2.42M in retirement

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Former state university employee Terrance McLennand, who retired in June 2017, saved $139,712 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McLennand would collect as much as $2.42 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes McLennand received $50,885 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McLennand will have already received $157,281 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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