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DeKalb Times

Monday, December 23, 2024

Former state university employee McElhaney paid in $14K to pension fund, could collect $210K in retirement

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Former state university employee James McElhaney, who retired in October 2017, saved $14,145 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McElhaney would collect as much as $210,270, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes McElhaney received $4,419 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, McElhaney will have already received $18,490 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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