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Chambana Sun

Tuesday, April 23, 2024

Former state university employee Bergman paid in $145K to pension fund, could collect $7.9M in retirement

Money836

Former state university employee Lawrence Bergman, who retired in January 2016, saved $145,257 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bergman would collect as much as $7.9 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Bergman received $165,954 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Bergman will have already received $165,954 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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