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Peoria Standard

Thursday, May 9, 2024

Former state university employee Webb paid in $6K to pension fund, could collect $158K in retirement

Money 06

Former state university employee Thelma Webb, who retired in June 2018, saved $5,921 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Webb would collect as much as $157,923, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Webb received $3,319 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Webb will have already received $6,738 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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