Will County Gazette

Will County Gazette

Monday, October 14, 2019

Former state university employee Conboy paid in $2K to pension fund, could collect $51K in retirement


By Local Labs News Service | Jul 1, 2016

Former state university employee Phillip Conboy, who retired in June 2016, saved $2,456 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Conboy would collect as much as $50,884, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Conboy received $1,069 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Conboy will have already received $3,304 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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