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McLean County Times

Tuesday, November 26, 2024

Former state university employee Lane paid in $6K to pension fund, could collect $100K in retirement

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Former state university employee Judith Lane, who retired in January 2016, saved $5,804 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lane would collect as much as $99,674, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Lane received $2,095 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lane will have already received $6,476 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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