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Lake County Gazette

Sunday, June 29, 2025

Former state university employee Allen paid in $61K to pension fund, could collect $1.29M in retirement

Money 03

Former state university employee Oscar Allen, who retired in October 2016, saved $61,488 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Allen would collect as much as $1.29 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Allen received $27,025 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Allen will have already received $83,532 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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