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Sangamon Sun

Friday, April 26, 2024

Former state university employee Dixon paid in $69K to pension fund, could collect $1.26M in retirement

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Former state university employee James Dixon, who retired in June 2017, saved $68,862 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Dixon would collect as much as $1.26 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Dixon received $26,421 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Dixon will have already received $81,665 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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