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West Central Reporter

Thursday, April 25, 2024

Former state university employee McMillan paid in $108K to pension fund, could collect $2.56M in retirement

Money 03

Former state university employee Cathy McMillan, who retired in January 2018, saved $108,499 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McMillan would collect as much as $2.56 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes McMillan received $53,805 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, McMillan will have already received $109,224 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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