Dupage Policy Journal

Dupage Policy Journal

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Former state university employee Jirik paid in $35K to pension fund, could collect $706K in retirement

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By Local Labs News Service | Feb 1, 2016

Money 03

Former state university employee Barbara Jirik, who retired in January 2016, saved $35,058 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Jirik would collect as much as $705,884, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Jirik received $14,837 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Jirik will have already received $45,859 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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