Lake County Gazette

Lake County Gazette

Thursday, January 23, 2020

Former state university employee Dainton paid in $200K to pension fund, could collect $3.59M in retirement


By Local Labs News Service | Sep 1, 2018

Money 05

Former state university employee Daniel Dainton, who retired in August 2018, saved $200,148 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Dainton would collect as much as $3.59 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Dainton received $75,552 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Dainton will have already received $233,525 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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