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DeKalb Times

Monday, November 25, 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.

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