Former state university employee Bane paid in $90K to pension fund, could collect $2.4M in retirement

By Local Labs News Service

Feb 1, 2016

Former state university employee Scott Bane, who retired in January 2016, saved $89,908 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bane would collect as much as $2.4 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Bane received $50,387 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Bane will have already received $102,286 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University of Illinois at Urbana Champaign

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