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Peoria Standard

Monday, November 25, 2024

Former state university employee Born paid in $4K to pension fund, could collect $181K in retirement

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Former state university employee Theresa Born, who retired in November 2017, saved $3,910 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Born would collect as much as $180,600, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Born received $3,796 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Born will have already received $7,706 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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