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McLean County Times

Monday, November 25, 2024

Former state university employee Barr paid in $72K to pension fund, could collect $1.78M in retirement

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Former state university employee Verona Barr, who retired in June 2016, saved $71,712 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Barr would collect as much as $1.78 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Barr received $37,340 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Barr will have already received $75,800 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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