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


By Local Labs News Service | Jul 1, 2017

Shutterstock 197358977

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.

Want to get notified whenever we write about University of Illinois at Urbana Champaign ?

Sign-up Next time we write about University of Illinois at Urbana Champaign, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

University of Illinois at Urbana Champaign

More News