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West Central Reporter

Tuesday, April 16, 2024

Former state university employee Baker paid in $90K to pension fund, could collect $1.63M in retirement

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Former state university employee Beverly Baker, who retired in July 2017, saved $89,779 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Baker would collect as much as $1.63 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Baker received $34,300 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Baker will have already received $106,018 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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