Chicago City Wire

Chicago City Wire

Wednesday, November 20, 2019

Former state university employee Martin paid in $109K to pension fund, could collect $1.94M in retirement

Schools

By Local Labs News Service | Jul 1, 2017

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Former state university employee Lovick Martin, who retired in June 2017, saved $108,901 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Martin would collect as much as $1.94 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Martin received $40,849 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Martin will have already received $126,259 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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