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McLean County Times

Friday, November 15, 2024

Former state university employee Dennison paid in $114K to pension fund, could collect $2.81M in retirement

Money759

Former state university employee Robert Dennison, who retired in January 2018, saved $113,688 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Dennison would collect as much as $2.81 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Dennison received $59,005 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Dennison will have already received $119,780 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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