Former state university employee Lang paid in $147K to pension fund, could collect $2.96M in retirement

By East Central Reporter Reports

Feb 1, 2016

Former state university employee Phil Lang, who retired in January 2016, saved $147,377 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lang would collect as much as $2.96 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Lang received $62,297 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lang will have already received $192,554 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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Eastern Illinois University

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