Lake County Gazette

Lake County Gazette

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Former state university employee Ewing paid in $153K to pension fund, could collect $3.38M in retirement

Schools

By Local Labs News Service | Sep 1, 2018

Money836

Former state university employee Carole Ewing, who retired in August 2018, saved $153,092 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ewing would collect as much as $3.38 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Ewing received $71,046 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ewing will have already received $219,595 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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