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McLean County Times

Monday, November 25, 2024

Former state university employee McMahon paid in $34K to pension fund, could collect $491K in retirement

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Former state university employee Mary McMahon, who retired in June 2016, saved $34,035 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McMahon would collect as much as $491,029, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes McMahon received $10,321 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, McMahon will have already received $43,181 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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