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Lake County Gazette

Wednesday, April 24, 2024

Former state university employee Terrell paid in $126K to pension fund, could collect $2.04M in retirement

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Former state university employee Steven Terrell, who retired in June 2016, saved $125,864 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Terrell would collect as much as $2.04 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Terrell received $42,856 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Terrell will have already received $132,464 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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