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Peoria Standard

Tuesday, November 26, 2024

Former state university employee Strong paid in $5K to pension fund, could collect $44K in retirement

Money 03

Former state university employee Christopher Strong, who retired in April 2018, saved $4,567 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Strong would collect as much as $43,902, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Strong received $922 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Strong will have already received $4,897 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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