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Rockford Sun

Wednesday, April 24, 2024

Former state university employee Lombardo paid in $165K to pension fund, could collect $3.28M in retirement

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Former state university employee Thomas Lombardo, who retired in June 2018, saved $164,822 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lombardo would collect as much as $3.28 million, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Lombardo received $69,027 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lombardo will have already received $213,356 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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