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Sangamon Sun

Thursday, November 21, 2024

Former state university employee Weaver paid in $14K to pension fund, could collect $287K in retirement

Money272

Former state university employee Peggy Weaver, who retired in January 2019, saved $14,323 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Weaver would collect as much as $286,594, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Weaver received $6,024 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Weaver will have already received $18,620 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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