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Sangamon Sun

Thursday, November 14, 2024

Former state university employee Lawrence paid in $21K to pension fund, could collect $701K in retirement

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Former state university employee Joseph Lawrence, who retired in April 2019, saved $21,228 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lawrence would collect as much as $701,071, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Lawrence received $14,736 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Lawrence will have already received $29,914 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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