Quantcast

Macon Reporter

Tuesday, April 23, 2024

Former state university employee O'Connor paid in $80K to pension fund, could collect $5.27M in retirement

Shutterstock 262120544

Former state university employee Gary O'Connor, who retired in June 2018, saved $79,620 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, O'Connor would collect as much as $5.27 million, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes O'Connor received $110,840 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, O'Connor will have already received $110,840 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS