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Chambana Sun

Sunday, November 24, 2024

Former state university employee Berndt paid in $78K to pension fund, could collect $1.85M in retirement

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Former state university employee Dean Berndt, who retired in April 2018, saved $77,696 toward a pension over 34 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Berndt would collect as much as $1.85 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Berndt received $38,940 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Berndt will have already received $79,048 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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