Former state university employee Dick paid in $296K to pension fund, could collect $6.1M in retirement

By Local Labs News Service

Mar 1, 2018

Former state university employee William Dick, who retired in February 2018, saved $295,859 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Dick would collect as much as $6.1 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Dick received $128,206 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Dick will have already received $396,272 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

University of Illinois at Urbana Champaign

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