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Former state university employee O'Connor paid in $50K to pension fund, could collect $1.19M in retirement

Schools

By Local Labs News Service | May 1, 2017

Money 02

Former state university employee Sharon O'Connor, who retired in April 2017, saved $49,859 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, O'Connor would collect as much as $1.19 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes O'Connor received $24,948 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, O'Connor will have already received $50,644 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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