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West Cook News

Tuesday, December 24, 2024

Former state university employee Peterson paid in $11K to pension fund, could collect $179K in retirement

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Former state university employee Judith Peterson, who retired in June 2016, saved $11,046 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Peterson would collect as much as $179,201, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Peterson received $3,766 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Peterson will have already received $11,640 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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