Quantcast

DeKalb Times

Friday, November 22, 2024

Former state university employee Burns paid in $213K to pension fund, could collect $3.55M in retirement

Money 07

Former state university employee Gary Burns, who retired in January 2018, saved $212,562 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Burns would collect as much as $3.55 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Burns received $74,626 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Burns will have already received $230,662 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS