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Metro East Sun

Sunday, November 24, 2024

Former state university employee Lopez paid in $127K to pension fund, could collect $2.76M in retirement

Money 04

Former state university employee John Lopez, who retired in January 2018, saved $126,689 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lopez would collect as much as $2.76 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Lopez received $58,116 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lopez will have already received $179,630 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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