Lake County Gazette

Lake County Gazette

Thursday, November 14, 2019

Former state university employee Cape paid in $1K to pension fund, could collect $238K in retirement

Schools

By Local Labs News Service | Jul 1, 2016

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Former state university employee Charles Cape, who retired in June 2016, saved $1,392 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cape would collect as much as $237,816, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Cape received $4,998 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Cape will have already received $4,998 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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