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South Cook News

Wednesday, February 19, 2020

Former state university employee Lamb paid in $20K to pension fund, could collect $383K in retirement


By Local Labs News Service | Jun 1, 2017

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Former state university employee Marceine Lamb, who retired in May 2017, saved $19,867 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lamb would collect as much as $382,552, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Lamb received $8,040 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lamb will have already received $24,850 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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