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Macon Reporter

Sunday, November 24, 2024

Former state university employee McAdamis paid in $3K to pension fund, could collect $48K in retirement

Money272

Former state university employee Paul McAdamis, who retired in June 2017, saved $3,403 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McAdamis would collect as much as $48,104, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes McAdamis received $1,011 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, McAdamis will have already received $4,228 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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