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Peoria Standard

Tuesday, November 5, 2024

Former state university employee Roberts paid in $58K to pension fund, could collect $3.81M in retirement

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Former state university employee Kevin Roberts, who retired in January 2016, saved $58,375 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Roberts would collect as much as $3.81 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Roberts received $80,146 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Roberts will have already received $80,146 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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