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Peoria Standard

Thursday, May 2, 2024

Former state university employee Batzek paid in $7K to pension fund, could collect $88K in retirement

Money 08

Former state university employee Dennis Batzek, who retired in April 2016, saved $6,585 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Batzek would collect as much as $88,096, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Batzek received $1,851 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Batzek will have already received $7,745 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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