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Chicago City Wire

Thursday, June 5, 2025

Former state university employee Bennett paid in $80K to pension fund, could collect $1.53M in retirement

Money 08

Former state university employee Paul Bennett, who retired in June 2018, saved $79,586 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bennett would collect as much as $1.53 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Bennett received $32,076 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bennett will have already received $99,143 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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