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Chicago City Wire

Monday, May 6, 2024

Former state university employee Borgerd paid in $354 to pension fund, could collect $27K in retirement

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Former state university employee Gail Borgerd, who retired in October 2016, saved $354 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Borgerd would collect as much as $27,403, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Borgerd received $576 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Borgerd will have already received $576 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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