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Peoria Standard

Friday, November 22, 2024

Former state university employee O'Connor paid in $10K to pension fund, could collect $131K in retirement

Money 08

Former state university employee Patricia O'Connor, who retired in July 2016, saved $9,706 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, O'Connor would collect as much as $130,531, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes O'Connor received $2,743 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, O'Connor will have already received $11,475 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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