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Peoria Standard

Thursday, November 28, 2024

Former state university employee Sutton paid in $166K to pension fund, could collect $4.12M in retirement

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Former state university employee Katherine Sutton, who retired in October 2018, saved $165,784 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sutton would collect as much as $4.12 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Sutton received $86,622 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Sutton will have already received $175,843 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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