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West Cook News

Tuesday, April 16, 2024

Former state university employee Dreffein paid in $24K to pension fund, could collect $469K in retirement

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Former state university employee Thomas Dreffein, who retired in January 2017, saved $23,862 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Dreffein would collect as much as $469,089, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Dreffein received $9,859 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Dreffein will have already received $30,474 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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