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McLean County Times

Friday, November 15, 2024

Former state university employee Mallory paid in $122K to pension fund, could collect $1.42M in retirement

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Former state university employee Caroline Mallory, who retired in January 2018, saved $121,623 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Mallory would collect as much as $1.42 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Mallory received $29,844 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Mallory will have already received $124,855 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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