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Sangamon Sun

Monday, November 25, 2024

Former state university employee Dutton paid in $103K to pension fund, could collect $2.39M in retirement

Money 07

Former state university employee Marcilene Dutton, who retired in July 2016, saved $102,729 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Dutton would collect as much as $2.39 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Dutton received $50,263 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Dutton will have already received $155,358 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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