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East Central Reporter

Thursday, April 18, 2024

Former state university employee Lawrence paid in $122K to pension fund, could collect $2.35M in retirement

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Former state university employee Barbara Lawrence, who retired in July 2017, saved $122,281 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lawrence would collect as much as $2.35 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Lawrence received $49,393 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lawrence will have already received $152,669 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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