Chicago City Wire

Chicago City Wire

Monday, January 20, 2020

Former state university employee Lawrence paid in $33K to pension fund, could collect $1.74M in retirement


By Local Labs News Service | Aug 1, 2017

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Former state university employee Laurie Lawrence, who retired in July 2017, saved $33,172 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lawrence would collect as much as $1.74 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Lawrence received $36,599 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Lawrence will have already received $36,599 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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