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Peoria Standard

Friday, November 22, 2024

Former state university employee Clubb paid in $5K to pension fund, could collect $69K in retirement

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Former state university employee Kenton Clubb, who retired in February 2016, saved $4,823 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Clubb would collect as much as $69,176, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Clubb received $1,454 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Clubb will have already received $6,084 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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