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Kane County Reporter

Monday, November 25, 2024

Former state university employee Dean paid in $4K to pension fund, could collect $58K in retirement

Money 07

Former state university employee Richard Dean, who retired in February 2017, saved $4,001 toward a pension over 2 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Dean would collect as much as $58,140, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Dean received $1,222 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Dean will have already received $5,114 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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