Former state university employee O'Reilly paid in $26K to pension fund, could collect $458K in retirement

By Local Labs News Service

Feb 1, 2017

Former state university employee Bernard O'Reilly, who retired in January 2017, saved $25,956 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, O'Reilly would collect as much as $457,865, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes O'Reilly received $9,624 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, O'Reilly will have already received $29,747 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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