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West Central Reporter

Friday, April 19, 2024

Former state university employee Dowdall paid in $118K to pension fund, could collect $2.95M in retirement

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Former state university employee Patrick Dowdall, who retired in January 2016, saved $118,398 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Dowdall would collect as much as $2.95 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Dowdall received $61,992 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Dowdall will have already received $125,844 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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