Lake County Gazette

Lake County Gazette

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Former state university employee Chambers paid in $73K to pension fund, could collect $1.36M in retirement

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By Local Labs News Service | Feb 1, 2016

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Former state university employee John Chambers, who retired in January 2016, saved $72,535 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Chambers would collect as much as $1.36 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Chambers received $28,518 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Chambers will have already received $88,147 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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