Quantcast

DeKalb Times

Saturday, June 7, 2025

Former state university employee Lane paid in $49K to pension fund, could collect $883K in retirement

Money759

Former state university employee Jerry Lane, who retired in January 2016, saved $48,599 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lane would collect as much as $883,224, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Lane received $18,564 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lane will have already received $57,380 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS