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Sangamon Sun

Friday, November 8, 2024

Former state university employee Berry paid in $31K to pension fund, could collect $780K in retirement

Money 06

Former state university employee Linda Berry, who retired in January 2019, saved $31,378 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Berry would collect as much as $780,427, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Berry received $16,404 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Berry will have already received $33,300 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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