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Illinois Valley Times

Tuesday, April 23, 2024

Former state university employee Barnes paid in $180K to pension fund, could collect $3.89M in retirement

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Former state university employee Harold Barnes, who retired in January 2017, saved $180,375 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Barnes would collect as much as $3.89 million, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Barnes received $81,827 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Barnes will have already received $252,919 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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