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Carbondale Reporter

Thursday, April 25, 2024

Former state university employee Dunnington paid in $256K to pension fund, could collect $5.05M in retirement

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Former state university employee Gary Dunnington, who retired in January 2019, saved $255,672 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Dunnington would collect as much as $5.05 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Dunnington received $106,092 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Dunnington will have already received $327,920 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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