Quantcast

Rock Island Today

Tuesday, November 26, 2024

Former state university employee McCullum paid in $45K to pension fund, could collect $589K in retirement

Money 01

Former state university employee William McCullum, who retired in October 2017, saved $44,716 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McCullum would collect as much as $589,265, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes McCullum received $12,385 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, McCullum will have already received $51,816 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