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DeKalb Times

Friday, November 22, 2024

Former state university employee Bearrows paid in $62K to pension fund, could collect $1.2M in retirement

Money759

Former state university employee Denis Bearrows, who retired in May 2018, saved $61,853 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bearrows would collect as much as $1.2 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Bearrows received $25,180 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bearrows will have already received $77,828 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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