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Sangamon Sun

Wednesday, April 24, 2024

Former state university employee Scobbie paid in $18K to pension fund, could collect $305K in retirement

Money 06

Former state university employee Dennis Scobbie, who retired in January 2019, saved $17,688 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Scobbie would collect as much as $305,434, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Scobbie received $6,420 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Scobbie will have already received $19,844 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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