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DeKalb Times

Friday, November 22, 2024

Former state university employee McFarland paid in $80K to pension fund, could collect $1.73M in retirement

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Former state university employee Joe McFarland, who retired in June 2016, saved $80,093 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McFarland would collect as much as $1.73 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes McFarland received $36,345 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McFarland will have already received $112,338 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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