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Peoria Standard

Friday, November 22, 2024

Former state university employee Allan paid in $11K to pension fund, could collect $169K in retirement

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Former state university employee Mary Allan, who retired in July 2016, saved $11,211 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Allan would collect as much as $169,261, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Allan received $3,557 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Allan will have already received $14,882 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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