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Sangamon Sun

Thursday, November 21, 2024

Former state university employee Burkhart paid in $29K to pension fund, could collect $1.04M in retirement

Money 03

Former state university employee Christine Burkhart, who retired in January 2019, saved $29,180 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Burkhart would collect as much as $1.04 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Burkhart received $21,900 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Burkhart will have already received $44,457 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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