Lake County Gazette

Lake County Gazette

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

Schools

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.

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