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Peoria Standard

Monday, November 25, 2024

Former state university employee Yocum paid in $1K to pension fund, could collect $41K in retirement

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Former state university employee Michael Yocum, who retired in July 2017, saved $1,430 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Yocum would collect as much as $40,899, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Yocum received $859 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Yocum will have already received $1,744 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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