McHenry Times

McHenry Times

Monday, December 9, 2019

Former state university employee Lerette paid in $3K to pension fund, could collect $143K in retirement


By Local Labs News Service | May 21, 2019


Former state university employee Harry Lerette, who retired in April 2019, saved $3,446 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lerette would collect as much as $143,297, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Lerette received $3,012 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Lerette will have already received $6,114 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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