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Sunday, February 23, 2020

Former state university employee Lovering paid in $69K to pension fund, could collect $1.45M in retirement

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By Local Labs News Service | Feb 1, 2018

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Former state university employee Arthur Lovering, who retired in January 2018, saved $68,965 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lovering would collect as much as $1.45 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Lovering received $30,567 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lovering will have already received $94,480 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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