Chicago City Wire

Chicago City Wire

Wednesday, January 22, 2020

Former state university employee Dixon paid in $78K to pension fund, could collect $1.45M in retirement


By Local Labs News Service | Feb 1, 2019

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Former state university employee Lee Dixon, who retired in January 2019, saved $77,615 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Dixon would collect as much as $1.45 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Dixon received $30,480 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Dixon will have already received $94,210 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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