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North Egypt News

Friday, November 8, 2024

Former state university employee McKee paid in $7K to pension fund, could collect $108K in retirement

Money 08

Former state university employee David McKee, who retired in July 2016, saved $6,655 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McKee would collect as much as $107,775, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.

The projection assumes McKee received $2,265 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McKee will have already received $7,001 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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