Lake County Gazette

Lake County Gazette

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Former state university employee Myers paid in $21K to pension fund, could collect $330K in retirement

Schools

By Local Labs News Service | Feb 1, 2019

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Former state university employee Larry Myers, who retired in January 2019, saved $21,188 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Myers would collect as much as $329,983, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Myers received $6,936 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Myers will have already received $21,438 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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