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Peoria Standard

Saturday, November 23, 2024

Former state university employee Childs paid in $24K to pension fund, could collect $575K in retirement

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Former state university employee Joann Childs, who retired in January 2017, saved $24,050 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Childs would collect as much as $574,718, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Childs received $12,080 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Childs will have already received $24,522 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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