Chicago City Wire

Chicago City Wire

Thursday, November 14, 2019

Former state university employee Lockmiller paid in $182K to pension fund, could collect $4.63M in retirement

Schools

By Local Labs News Service | Jun 1, 2016

Money 08

Former state university employee John Lockmiller, who retired in May 2016, saved $181,924 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lockmiller would collect as much as $4.63 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Lockmiller received $97,423 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Lockmiller will have already received $197,769 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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