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Chicago City Wire

Saturday, April 20, 2024

Former state university employee Burak paid in $17K to pension fund, could collect $1.03M in retirement

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Former state university employee Vivian Burak, who retired in July 2018, saved $16,610 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Burak would collect as much as $1.03 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Burak received $21,744 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Burak will have already received $21,744 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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