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Rockford Sun

Thursday, April 25, 2024

Former state university employee Bergmark paid in $61K to pension fund, could collect $809K in retirement

Money 04

Former state university employee Richard Bergmark, who retired in February 2018, saved $60,996 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bergmark would collect as much as $808,972, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Bergmark received $17,004 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Bergmark will have already received $71,137 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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