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South Cook News

Tuesday, February 18, 2020

Former state university employee Dunn paid in $294 to pension fund, could collect $316K in retirement

Schools

By Local Labs News Service | Aug 1, 2016

Money 02

Former state university employee Kenneth Dunn, who retired in July 2016, saved $294 toward a pension over 2 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Dunn would collect as much as $315,961, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Dunn received $6,641 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Dunn will have already received $6,641 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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