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Chicago City Wire

Friday, April 19, 2024

Former state university employee Dabney paid in $116K to pension fund, could collect $2.08M in retirement

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Former state university employee Jerome Dabney, who retired in December 2017, saved $115,710 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Dabney would collect as much as $2.08 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Dabney received $43,696 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Dabney will have already received $135,060 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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