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Lake County Gazette

Friday, November 22, 2024

Former state university employee Scull paid in $16K to pension fund, could collect $295K in retirement

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Former state university employee Joyce Scull, who retired in April 2016, saved $16,093 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Scull would collect as much as $295,289, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Scull received $6,206 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Scull will have already received $19,182 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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