Former state university employee Shannon paid in $51K to pension fund, could collect $1.41M in retirement

By Local Labs News Service

Feb 1, 2016

Former state university employee Connie Shannon, who retired in January 2016, saved $51,224 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Shannon would collect as much as $1.41 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Shannon received $29,673 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Shannon will have already received $60,236 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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Illinois State University

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