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Rockford Sun

Saturday, April 20, 2024

Former state university employee Coffman paid in $178K to pension fund, could collect $3.85M in retirement

Money 08

Former state university employee Dean Coffman, who retired in July 2018, saved $177,770 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Coffman would collect as much as $3.85 million, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Coffman received $81,024 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Coffman will have already received $250,438 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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