Former state university employee O'Neil paid in $33K to pension fund, could collect $418K in retirement

By Local Labs News Service

Apr 1, 2018

Former state university employee Kathryn O'Neil, who retired in March 2018, saved $32,516 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, O'Neil would collect as much as $417,731, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes O'Neil received $8,780 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, O'Neil will have already received $36,730 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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