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Sangamon Sun

Sunday, November 24, 2024

Former state university employee Burch paid in $25K to pension fund, could collect $888K in retirement

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Former state university employee James Burch, who retired in March 2019, saved $24,557 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Burch would collect as much as $887,757, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Burch received $18,660 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Burch will have already received $37,880 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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