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Peoria Standard

Tuesday, November 5, 2024

Former state university employee Baker paid in $7K to pension fund, could collect $117K in retirement

Money 01

Former state university employee Donald Baker, who retired in January 2016, saved $7,281 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Baker would collect as much as $116,778, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Baker received $2,454 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Baker will have already received $7,586 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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