Former state university employee Lomax paid in $17K to pension fund, could collect $692K in retirement

By Local Labs News Service

Nov 1, 2016

Former state university employee Richard Lomax, who retired in October 2016, saved $16,724 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lomax would collect as much as $692,102, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Lomax received $14,547 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Lomax will have already received $29,530 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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Northern Illinois University

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