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Peoria Standard

Wednesday, November 27, 2024

Former state university employee Craig paid in $57K to pension fund, could collect $589K in retirement

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Former state university employee Michael Craig, who retired in March 2019, saved $56,818 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Craig would collect as much as $588,603, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Craig received $12,372 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Craig will have already received $65,684 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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