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Peoria Standard

Thursday, May 9, 2024

Former state university employee Snowman paid in $6K to pension fund, could collect $317K in retirement

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Former state university employee Shawn Snowman, who retired in June 2018, saved $5,562 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Snowman would collect as much as $317,434, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Snowman received $6,672 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Snowman will have already received $6,672 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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