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South Cook News

Sunday, February 23, 2020

Former state university employee Berrigan paid in $46K to pension fund, could collect $886K in retirement


By Local Labs News Service | Aug 1, 2018

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Former state university employee Marian Berrigan, who retired in July 2018, saved $45,514 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Berrigan would collect as much as $886,033, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Berrigan received $18,623 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Berrigan will have already received $57,562 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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