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Sangamon Sun

Friday, May 3, 2024

Former state university employee Lancaster paid in $98K to pension fund, could collect $2.01M in retirement

Money041

Former state university employee Craig Lancaster, who retired in June 2017, saved $98,029 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lancaster would collect as much as $2.01 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Lancaster received $42,282 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lancaster will have already received $130,689 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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