Dupage Policy Journal

Dupage Policy Journal

Tuesday, April 7, 2020

Former state university employee Luby paid in $94K to pension fund, could collect $1.77M in retirement


By Local Labs News Service | Nov 1, 2016

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Former state university employee James Luby, who retired in October 2016, saved $93,765 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Luby would collect as much as $1.77 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Luby received $37,113 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Luby will have already received $114,712 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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