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North Cook News

Friday, November 22, 2024

Former state university employee Donahue paid in $22K to pension fund, could collect $315K in retirement

Money 08

Former state university employee Vincent Donahue, who retired in January 2016, saved $22,218 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Donahue would collect as much as $314,677, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Donahue received $6,614 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Donahue will have already received $27,668 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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