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West Central Reporter

Friday, April 19, 2024

Former state university employee Burrows paid in $16K to pension fund, could collect $1.16M in retirement

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Former state university employee Judith Burrows, who retired in January 2016, saved $16,241 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Burrows would collect as much as $1.16 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Burrows received $24,450 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Burrows will have already received $24,450 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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