Lake County Gazette

Lake County Gazette

Saturday, January 25, 2020

Former state university employee Lovelace paid in $108K to pension fund, could collect $1.6M in retirement


By Local Labs News Service | Feb 1, 2019

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Former state university employee Kathleen Lovelace, who retired in January 2019, saved $108,131 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lovelace would collect as much as $1.6 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Lovelace received $33,600 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Lovelace will have already received $140,569 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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