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South Cook News

Tuesday, November 5, 2024

Former state university employee McGovern paid in $64K to pension fund, could collect $892K in retirement

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Former state university employee Shari McGovern, who retired in January 2019, saved $64,200 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McGovern would collect as much as $892,324, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes McGovern received $18,756 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, McGovern will have already received $78,470 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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