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DeKalb Times

Sunday, November 24, 2024

Former state university employee Bellout paid in $183K to pension fund, could collect $4.29M in retirement

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Former state university employee Hamid Bellout, who retired in July 2017, saved $182,663 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bellout would collect as much as $4.29 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Bellout received $90,175 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Bellout will have already received $183,055 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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