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Peoria Standard

Sunday, November 24, 2024

Former state university employee Irwin paid in $6K to pension fund, could collect $228K in retirement

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Former state university employee Nancy Irwin, who retired in August 2018, saved $6,134 toward a pension over 4 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Irwin would collect as much as $228,167, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Irwin received $4,795 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Irwin will have already received $9,734 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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