Lake County Gazette

Lake County Gazette

Saturday, November 16, 2019

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

Schools

By Local Labs News Service | Feb 1, 2019

Shutterstock 450769633

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.

Want to get notified whenever we write about College of Lake County ?

Sign-up Next time we write about College of Lake County, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

College of Lake County

More News