Chicago City Wire

Chicago City Wire

Thursday, November 14, 2019

Former state university employee Burt paid in $50K to pension fund, could collect $768K in retirement

Schools

By Local Labs News Service | Jun 1, 2016

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Former state university employee Holly Burt, who retired in May 2016, saved $49,798 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Burt would collect as much as $767,518, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Burt received $16,132 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Burt will have already received $49,862 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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