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South Cook News

Friday, April 26, 2024

Former state university employee Barz paid in $233K to pension fund, could collect $5.32M in retirement

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Former state university employee William Barz, who retired in September 2016, saved $233,150 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Barz would collect as much as $5.32 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Barz received $111,915 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Barz will have already received $345,917 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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