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DeKalb Times

Sunday, November 24, 2024

Former state university employee McDonald paid in $129K to pension fund, could collect $2.85M in retirement

Money 05

Former state university employee Bradley McDonald, who retired in March 2017, saved $129,210 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McDonald would collect as much as $2.85 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes McDonald received $59,871 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McDonald will have already received $185,055 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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