Sangamon Sun

Sangamon Sun

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Former state university employee Lockard paid in $53K to pension fund, could collect $977K in retirement


By Local Labs News Service | Jan 1, 2017

Money 04

Former state university employee Raymond Lockard, who retired in December 2016, saved $53,157 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lockard would collect as much as $977,069, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Lockard received $20,537 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lockard will have already received $63,478 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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