Quantcast

North Cook News

Thursday, November 14, 2024

Former state university employee Newberg paid in $3K to pension fund, could collect $48K in retirement

Shutterstock 249974521

Former state university employee Thomas Newberg, who retired in February 2016, saved $2,928 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Newberg would collect as much as $48,133, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Newberg received $1,011 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Newberg will have already received $3,124 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS