Lake County Gazette

Lake County Gazette

Wednesday, December 11, 2019

Former state university employee Mitchell paid in $12K to pension fund, could collect $445K in retirement

Schools

By Local Labs News Service | Nov 1, 2017

Money 02

Former state university employee R. C. Mitchell, who retired in October 2017, saved $12,463 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Mitchell would collect as much as $444,558, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Mitchell received $9,344 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Mitchell will have already received $18,968 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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