Former state university employee Lomax paid in $69K to pension fund, could collect $1.16M in retirement

By Local Labs News Service

Sep 1, 2016

Former state university employee Christine Lomax, who retired in August 2016, saved $68,852 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lomax would collect as much as $1.16 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Lomax received $24,352 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lomax will have already received $75,270 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 Chicago

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