Quantcast

DeKalb Times

Wednesday, November 6, 2024

Former state university employee McCoy paid in $21K to pension fund, could collect $373K in retirement

Money272

Former state university employee Bradley McCoy, who retired in November 2018, saved $21,240 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McCoy would collect as much as $373,486, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes McCoy received $7,850 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McCoy will have already received $24,265 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