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DeKalb Times

Friday, November 15, 2024

Former state university employee McClure paid in $116K to pension fund, could collect $1.28M in retirement

Money 06

Former state university employee Kris McClure, who retired in September 2018, saved $116,286 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McClure would collect as much as $1.28 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes McClure received $26,836 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, McClure will have already received $142,475 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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