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West Cook News

Saturday, November 23, 2024

Former state university employee Lehman paid in $36K to pension fund, could collect $1.26M in retirement

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Former state university employee Kim Lehman, who retired in June 2017, saved $35,543 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lehman would collect as much as $1.26 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Lehman received $26,410 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Lehman will have already received $53,612 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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