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Macon Reporter

Friday, November 22, 2024

Former state university employee Burrell paid in $48K to pension fund, could collect $822K in retirement

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Former state university employee Lester Burrell, who retired in March 2016, saved $47,595 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Burrell would collect as much as $821,697, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Burrell received $17,271 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Burrell will have already received $53,383 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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