Quantcast

DeKalb Times

Friday, November 22, 2024

Former state university employee McHugh paid in $44K to pension fund, could collect $854K in retirement

Money836

Former state university employee Sheila McHugh, who retired in May 2018, saved $43,615 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McHugh would collect as much as $853,748, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes McHugh received $17,945 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McHugh will have already received $55,465 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS