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Chicago City Wire

Saturday, August 2, 2025

Former state university employee Lam paid in $50K to pension fund, could collect $837K in retirement

Money 06

Former state university employee Patty Lam, who retired in October 2018, saved $50,333 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lam would collect as much as $836,798, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Lam received $17,588 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lam will have already received $54,363 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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