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Sangamon Sun

Friday, April 26, 2024

Former state university employee Dutton paid in $113K to pension fund, could collect $2.54M in retirement

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Former state university employee James Dutton, who retired in January 2016, saved $113,245 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Dutton would collect as much as $2.54 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Dutton received $53,409 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Dutton will have already received $165,081 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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