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Chambana Sun

Friday, April 19, 2024

Former state university employee Sahiba Burke paid in $37K to pension fund, could collect $1.04M in retirement

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Former state university employee Marilyn Sahiba Burke, who retired in January 2016, saved $36,908 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sahiba Burke would collect as much as $1.04 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Sahiba Burke received $21,960 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Sahiba Burke will have already received $44,579 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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