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McLean County Times

Monday, November 25, 2024

Former state university employee Burke paid in $130K to pension fund, could collect $2.36M in retirement

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Former state university employee Patrick Burke, who retired in August 2016, saved $129,513 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Burke would collect as much as $2.36 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Burke received $49,686 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Burke will have already received $153,575 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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