Will County Gazette

Will County Gazette

Tuesday, April 7, 2020

Former state university employee Tracy paid in $51K to pension fund, could collect $974K in retirement

Schools

By Local Labs News Service | Aug 1, 2018

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Former state university employee Mary Tracy, who retired in July 2018, saved $50,674 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Tracy would collect as much as $973,638, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Tracy received $20,465 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Tracy will have already received $63,255 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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