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Lake County Gazette

Friday, April 19, 2024

Former state university employee Johnston paid in $76K to pension fund, could collect $1.41M in retirement

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Former state university employee Kathleen Johnston, who retired in June 2018, saved $76,198 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Johnston would collect as much as $1.41 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Johnston received $29,595 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Johnston will have already received $91,475 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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