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Peoria Standard

Tuesday, November 5, 2024

Former state university employee Davidson paid in $12K to pension fund, could collect $262K in retirement

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Former state university employee John Davidson, who retired in January 2016, saved $11,896 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Davidson would collect as much as $262,210, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Davidson received $5,511 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Davidson will have already received $17,033 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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