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Metro East Sun

Friday, April 19, 2024

Former state university employee McAndrews paid in $40K to pension fund, could collect $534K in retirement

Money 05

Former state university employee Cindy McAndrews, who retired in November 2018, saved $39,682 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McAndrews would collect as much as $533,796, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes McAndrews received $11,220 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, McAndrews will have already received $46,942 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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