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Metro East Sun

Thursday, April 25, 2024

Former state university employee Barnett paid in $38K to pension fund, could collect $765K in retirement

Money 05

Former state university employee Steven Barnett, who retired in December 2018, saved $38,156 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Barnett would collect as much as $764,578, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Barnett received $16,070 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Barnett will have already received $49,671 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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