Chicago City Wire

Chicago City Wire

Thursday, November 14, 2019

Former state university employee Lambeth paid in $105K to pension fund, could collect $1.59M in retirement

Schools

By Local Labs News Service | Jun 13, 2019

Money 08

Former state university employee Gregory Lambeth, who retired in April 2019, saved $104,933 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lambeth would collect as much as $1.59 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Lambeth received $33,432 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Lambeth will have already received $139,867 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University of Illinois at Urbana Champaign

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