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Lake County Gazette

Friday, April 19, 2024

Former state university employee Johnson paid in $98K to pension fund, could collect $1.11M in retirement

Money041

Former state university employee Theodore Johnson, who retired in October 2018, saved $98,035 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Johnson would collect as much as $1.11 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Johnson received $23,304 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Johnson will have already received $123,724 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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