Chicago City Wire

Chicago City Wire

Tuesday, February 25, 2020

Former state university employee Burnell paid in $28K to pension fund, could collect $658K in retirement

Schools

By Local Labs News Service | Feb 1, 2018

Money272

Former state university employee Terri Burnell, who retired in January 2018, saved $28,357 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Burnell would collect as much as $657,905, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Burnell received $13,828 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Burnell will have already received $42,741 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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