Quantcast

DeKalb Times

Monday, November 25, 2024

Former state university employee Lawson paid in $53K to pension fund, could collect $837K in retirement

Shutterstock 443523118

Former state university employee Shelley Lawson, who retired in November 2018, saved $53,013 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lawson would collect as much as $836,781, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Lawson received $17,588 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lawson will have already received $54,363 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS