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Kane County Reporter

Monday, November 25, 2024

Former state university employee Barnett paid in $110K to pension fund, could collect $2.44M in retirement

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Former state university employee Billie Barnett, who retired in July 2016, saved $110,008 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Barnett would collect as much as $2.44 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Barnett received $51,271 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Barnett will have already received $158,473 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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