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Kane County Reporter

Saturday, April 20, 2024

Former state university employee McCoy paid in $115K to pension fund, could collect $3.4M in retirement

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Former state university employee Judy McCoy, who retired in January 2016, saved $115,047 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McCoy would collect as much as $3.4 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes McCoy received $71,455 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, McCoy will have already received $145,054 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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