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Peoria Standard

Monday, November 25, 2024

Former state university employee Mooney paid in $6K to pension fund, could collect $100K in retirement

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Former state university employee Robert Mooney, who retired in November 2017, saved $6,259 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Mooney would collect as much as $99,531, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Mooney received $2,092 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mooney will have already received $6,467 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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