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McLean County Times

Monday, November 25, 2024

Former state university employee Coan paid in $79K to pension fund, could collect $1.1M in retirement

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Former state university employee Heidi Coan, who retired in January 2017, saved $78,961 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Coan would collect as much as $1.1 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Coan received $23,134 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Coan will have already received $96,784 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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