Quantcast

Chicago City Wire

Friday, May 3, 2024

Former state university employee Dodd paid in $113K to pension fund, could collect $1.78M in retirement

Shutterstock 65427295

Former state university employee Randy Dodd, who retired in January 2016, saved $113,300 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Dodd would collect as much as $1.78 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Dodd received $37,316 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Dodd will have already received $115,339 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS