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Sangamon Sun

Tuesday, November 26, 2024

Former state university employee Pietroburgo paid in $82K to pension fund, could collect $1.49M in retirement

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Former state university employee Julie Pietroburgo, who retired in June 2016, saved $82,032 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Pietroburgo would collect as much as $1.49 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Pietroburgo received $31,248 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Pietroburgo will have already received $96,584 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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