Quantcast

DeKalb Times

Friday, May 3, 2024

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

Shutterstock 225154648

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.

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