Sangamon Sun

Sangamon Sun

Friday, December 13, 2019

Former state university employee Burns paid in $181K to pension fund, could collect $4.11M in retirement

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By Local Labs News Service | Jul 1, 2018

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Former state university employee Mary Burns, who retired in June 2018, saved $181,491 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Burns would collect as much as $4.11 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Burns received $86,338 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Burns will have already received $266,862 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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