Lake County Gazette

Lake County Gazette

Thursday, November 14, 2019

Former state university employee Parker paid in $102K to pension fund, could collect $1.68M in retirement

Schools

By Local Labs News Service | Feb 1, 2019

Money 01

Former state university employee David Parker, who retired in January 2019, saved $101,683 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Parker would collect as much as $1.68 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Parker received $35,208 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Parker will have already received $108,824 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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