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Sangamon Sun

Thursday, May 2, 2024

Former state university employee Peak paid in $95K to pension fund, could collect $2.56M in retirement

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Former state university employee Bobby Peak, who retired in June 2017, saved $94,589 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Peak would collect as much as $2.56 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Peak received $53,779 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Peak will have already received $109,171 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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