Former state university employee Cavanaugh paid in $145K to pension fund, could collect $3.31M in retirement

By East Central Reporter Reports

Jul 1, 2016

Former state university employee Richard Cavanaugh, who retired in June 2016, saved $145,488 toward a pension over 35 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cavanaugh would collect as much as $3.31 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Cavanaugh received $69,678 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cavanaugh will have already received $215,367 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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Eastern Illinois University

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