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McLean County Times

Saturday, November 16, 2024

Former state university employee Dowdy paid in $21K to pension fund, could collect $617K in retirement

Money 06

Former state university employee Douglas Dowdy, who retired in July 2018, saved $21,347 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Dowdy would collect as much as $616,845, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Dowdy received $12,965 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Dowdy will have already received $26,319 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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