Quantcast

McLean County Times

Saturday, November 23, 2024

Former state university employee Duffy paid in $52K to pension fund, could collect $883K in retirement

Money 02

Former state university employee Gary Duffy, who retired in June 2017, saved $51,626 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Duffy would collect as much as $882,699, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Duffy received $18,553 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Duffy will have already received $57,346 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS