Chicago City Wire

Chicago City Wire

Friday, April 3, 2020

Former state university employee Lovelady paid in $16K to pension fund, could collect $698K in retirement

Schools

By Local Labs News Service | Nov 1, 2018

Money 02

Former state university employee Jessie Lovelady, who retired in October 2018, saved $15,731 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lovelady would collect as much as $698,216, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Lovelady received $14,676 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Lovelady will have already received $29,792 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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