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West Cook News

Friday, April 26, 2024

Former state university employee Dodt paid in $272K to pension fund, could collect $5.71M in retirement

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Former state university employee Lorette Dodt, who retired in January 2019, saved $272,022 toward a pension over 35 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Dodt would collect as much as $5.71 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Dodt received $119,952 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Dodt will have already received $370,761 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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