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South Cook News

Thursday, April 18, 2024

Former state university employee Feehan paid in $60K to pension fund, could collect $1.2M in retirement

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Former state university employee Nancy Feehan, who retired in January 2017, saved $59,962 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Feehan would collect as much as $1.2 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Feehan received $25,298 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Feehan will have already received $78,194 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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