Lake County Gazette

Lake County Gazette

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Former state university employee Needham paid in $43K to pension fund, could collect $577K in retirement

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By Local Labs News Service | Jan 1, 2019

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Former state university employee James Needham, who retired in December 2018, saved $43,384 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Needham would collect as much as $577,184, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Needham received $12,132 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Needham will have already received $50,756 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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