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Sangamon Sun

Monday, November 25, 2024

Former state university employee Dennison paid in $9K to pension fund, could collect $325K in retirement

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Former state university employee James Dennison, who retired in July 2017, saved $8,981 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Dennison would collect as much as $324,907, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Dennison received $6,829 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Dennison will have already received $13,863 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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