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North Cook News

Tuesday, November 26, 2024

Former state university employee Birg paid in $7K to pension fund, could collect $153K in retirement

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Former state university employee Elizabeth Birg, who retired in April 2016, saved $6,699 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Birg would collect as much as $153,419, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Birg received $3,224 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Birg will have already received $9,966 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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