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Peoria Standard

Tuesday, November 5, 2024

Former state university employee Eckstein paid in $156K to pension fund, could collect $4.17M in retirement

Money 08

Former state university employee Kenneth Eckstein, who retired in January 2016, saved $156,145 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Eckstein would collect as much as $4.17 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Eckstein received $87,749 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Eckstein will have already received $178,130 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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