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West Cook News

Wednesday, April 17, 2024

Former state university employee Barnette paid in $168K to pension fund, could collect $2.38M in retirement

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Former state university employee Randy Barnette, who retired in July 2018, saved $167,855 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Barnette would collect as much as $2.38 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Barnette received $50,017 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Barnette will have already received $209,255 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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