Lake County Gazette

Lake County Gazette

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Former state university employee Haug paid in $68K to pension fund, could collect $1.34M in retirement

Schools

By Local Labs News Service | Sep 1, 2018

Money272

Former state university employee Carol Haug, who retired in August 2018, saved $67,946 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Haug would collect as much as $1.34 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Haug received $28,144 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Haug will have already received $86,990 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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