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South Cook News

Friday, April 19, 2024

Former state university employee McClellan paid in $52K to pension fund, could collect $1.51M in retirement

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Former state university employee Diane McClellan, who retired in January 2016, saved $52,308 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McClellan would collect as much as $1.51 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes McClellan received $31,724 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, McClellan will have already received $64,400 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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