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Peoria Standard

Saturday, November 23, 2024

Former state university employee Brown paid in $5K to pension fund, could collect $78K in retirement

Money 08

Former state university employee Kerwin Brown, who retired in October 2016, saved $5,105 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Brown would collect as much as $78,299, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Brown received $1,645 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Brown will have already received $6,881 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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