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North Cook News

Friday, November 22, 2024

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

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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.

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