Lake County Gazette

Lake County Gazette

Wednesday, February 19, 2020

Former state university employee Peterson paid in $38K to pension fund, could collect $1.79M in retirement

Schools

By Local Labs News Service | Mar 1, 2018

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Former state university employee Brian Peterson, who retired in February 2018, saved $37,969 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Peterson would collect as much as $1.79 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Peterson received $37,684 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Peterson will have already received $76,499 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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