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Sangamon Sun

Saturday, November 23, 2024

Former state university employee Bakken paid in $28K to pension fund, could collect $547K in retirement

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Former state university employee Reed Bakken, who retired in June 2016, saved $28,112 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bakken would collect as much as $547,406, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Bakken received $11,506 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bakken will have already received $35,564 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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