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South Cook News

Tuesday, April 29, 2025

Former state university employee Nugent paid in $129K to pension fund, could collect $2.13M in retirement

Money 08

Former state university employee Margaret Nugent, who retired in May 2016, saved $128,680 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Nugent would collect as much as $2.13 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Nugent received $44,684 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Nugent will have already received $138,115 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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