Quantcast

Chicago City Wire

Saturday, April 20, 2024

Former state university employee Burch paid in $78K to pension fund, could collect $1.11M in retirement

Money041

Former state university employee Georgeann Burch, who retired in June 2016, saved $77,530 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Burch would collect as much as $1.11 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Burch received $23,425 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Burch will have already received $98,003 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS