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South Cook News

Friday, November 15, 2024

Former state university employee McNeff paid in $95K to pension fund, could collect $2.25M in retirement

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Former state university employee Phillip McNeff, who retired in October 2017, saved $95,274 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McNeff would collect as much as $2.25 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes McNeff received $47,386 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, McNeff will have already received $96,194 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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