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West Central Reporter

Friday, April 19, 2024

Former state university employee Dean paid in $101K to pension fund, could collect $1.81M in retirement

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Former state university employee Larry Dean, who retired in January 2019, saved $101,276 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Dean would collect as much as $1.81 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Dean received $37,968 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Dean will have already received $117,355 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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