Former state university employee Young paid in $49K to pension fund, could collect $1.76M in retirement

By Local Labs News Service

Feb 1, 2016

Former state university employee Joe Young, who retired in January 2016, saved $48,777 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Young would collect as much as $1.76 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Young received $36,920 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Young will have already received $74,948 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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College of Lake County

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