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Chicago City Wire

Sunday, September 29, 2024

Former state university employee Berube paid in $55K to pension fund, could collect $1.9M in retirement

Money 05

Former state university employee Michael Berube, who retired in October 2016, saved $54,888 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Berube would collect as much as $1.9 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Berube received $40,007 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Berube will have already received $81,214 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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