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DeKalb Times

Friday, November 15, 2024

Former state university employee McKeon paid in $31K to pension fund, could collect $392K in retirement

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Former state university employee Michelle McKeon, who retired in September 2018, saved $30,920 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McKeon would collect as much as $391,640, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes McKeon received $8,232 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, McKeon will have already received $34,439 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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