Lake County Gazette

Lake County Gazette

Sunday, January 26, 2020

Former state university employee Coleman Almond paid in $14K to pension fund, could collect $203K in retirement


By Local Labs News Service | Sep 1, 2018

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Former state university employee Joan Coleman Almond, who retired in August 2018, saved $13,631 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Coleman Almond would collect as much as $203,242, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Coleman Almond received $4,272 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Coleman Almond will have already received $17,872 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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