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DeKalb Times

Friday, November 15, 2024

Former state university employee Lonergan paid in $105K to pension fund, could collect $2.63M in retirement

Money 04

Former state university employee David Lonergan, who retired in August 2018, saved $104,513 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lonergan would collect as much as $2.63 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Lonergan received $55,328 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Lonergan will have already received $112,316 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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