Former state university employee Rosenbaum paid in $308K to pension fund, could collect $7.61M in retirement

By Local Labs News Service

Oct 1, 2016

Former state university employee Dennis Rosenbaum, who retired in September 2016, saved $308,154 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Rosenbaum would collect as much as $7.61 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Rosenbaum received $159,899 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Rosenbaum will have already received $324,595 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 Chicago

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