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North Cook News

Thursday, April 25, 2024

Former state university employee Rubly paid in $18K to pension fund, could collect $322K in retirement

Money 07

Former state university employee Lawrence Rubly, who retired in April 2018, saved $18,284 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Rubly would collect as much as $321,836, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Rubly received $6,764 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rubly will have already received $20,907 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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