Former state university employee Homer paid in $50K to pension fund, could collect $1.08M in retirement

By Local Labs News Service

Apr 1, 2016

Former state university employee Gary Homer, who retired in March 2016, saved $49,674 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Homer would collect as much as $1.08 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Homer received $22,623 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Homer will have already received $69,926 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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College of Lake County

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