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South Cook News

Thursday, April 25, 2024

Former state university employee Barrett paid in $31K to pension fund, could collect $434K in retirement

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Former state university employee Earl Barrett, who retired in January 2018, saved $30,839 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Barrett would collect as much as $433,973, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Barrett received $9,121 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Barrett will have already received $38,160 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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