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Peoria Standard

Thursday, December 26, 2024

Former state university employee Adams paid in $12K to pension fund, could collect $640K in retirement

Money 01

Former state university employee William Adams, who retired in May 2016, saved $11,874 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Adams would collect as much as $640,121, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Adams received $13,454 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Adams will have already received $13,454 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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