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Sangamon Sun

Tuesday, November 26, 2024

Former state university employee Lavin paid in $33K to pension fund, could collect $523K in retirement

Money 01

Former state university employee Terri Lavin, who retired in November 2018, saved $32,705 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lavin would collect as much as $522,948, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Lavin received $10,992 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lavin will have already received $33,976 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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