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Carbondale Reporter

Saturday, November 23, 2024

Former state university employee Burnett paid in $113K to pension fund, could collect $1.64M in retirement

Money 05

Former state university employee Royce Burnett, who retired in June 2017, saved $112,995 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Burnett would collect as much as $1.64 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Burnett received $34,376 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Burnett will have already received $143,815 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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