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Peoria Standard

Sunday, May 19, 2024

Former state university employee Kaley paid in $1K to pension fund, could collect $194K in retirement

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Former state university employee Nicholeen Kaley, who retired in June 2016, saved $1,497 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kaley would collect as much as $194,336, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Kaley received $4,084 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Kaley will have already received $4,084 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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