Lake County Gazette

Lake County Gazette

Saturday, December 14, 2019

Former state university employee Woo paid in $2K to pension fund, could collect $45K in retirement


By Local Labs News Service | May 1, 2018

Money 05

Former state university employee Hung Woo, who retired in April 2018, saved $1,660 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Woo would collect as much as $45,147, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Woo received $948 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Woo will have already received $1,924 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