Quantcast

Lake County Gazette

Sunday, June 29, 2025

Former state university employee Bynum paid in $3K to pension fund, could collect $87K in retirement

Money 01

Former state university employee Arnold Bynum, who retired in January 2018, saved $3,201 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bynum would collect as much as $87,205, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Bynum received $1,833 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Bynum will have already received $3,721 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS