Lake County Gazette

Lake County Gazette

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Former state university employee Baldwin paid in $82K to pension fund, could collect $1.36M in retirement

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By Local Labs News Service | Mar 1, 2018

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Former state university employee Alphonso Baldwin, who retired in February 2018, saved $82,399 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Baldwin would collect as much as $1.36 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Baldwin received $28,590 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Baldwin will have already received $88,369 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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