Quantcast

Chambana Sun

Friday, April 19, 2024

Former state university employee Lancaster paid in $155K to pension fund, could collect $3.53M in retirement

Shutterstock 450769633

Former state university employee Steven Lancaster, who retired in January 2019, saved $154,999 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lancaster would collect as much as $3.53 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Lancaster received $74,172 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lancaster will have already received $229,258 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS