McHenry Times

McHenry Times

Monday, November 18, 2019

Former state university employee Tracey paid in $64K to pension fund, could collect $1.51M in retirement

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By Local Labs News Service | Feb 1, 2016

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Former state university employee Sherry Tracey, who retired in January 2016, saved $64,487 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Tracey would collect as much as $1.51 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Tracey received $31,777 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Tracey will have already received $64,507 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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