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DeKalb Times

Friday, November 22, 2024

Former state university employee Barrett Terruso paid in $11K to pension fund, could collect $474K in retirement

Money759

Former state university employee Lorraine Barrett Terruso, who retired in September 2016, saved $10,681 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Barrett Terruso would collect as much as $474,022, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Barrett Terruso received $9,963 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Barrett Terruso will have already received $20,225 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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