Chicago City Wire

Chicago City Wire

Friday, April 10, 2020

Former state university employee Barnes paid in $142K to pension fund, could collect $1.78M in retirement

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By Local Labs News Service | Apr 1, 2019

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Former state university employee Jane Barnes, who retired in March 2019, saved $141,801 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Barnes would collect as much as $1.78 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Barnes received $37,380 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Barnes will have already received $156,383 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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