Chicago City Wire

Chicago City Wire

Sunday, November 17, 2019

Former state university employee Burke paid in $184K to pension fund, could collect $1.71M in retirement


By Local Labs News Service | Feb 1, 2019

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Former state university employee Charles Burke, who retired in January 2019, saved $184,155 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Burke would collect as much as $1.71 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Burke received $35,964 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Burke will have already received $190,938 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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