Former state university employee Welch paid in $3K to pension fund, could collect $187K in retirement

By Rock Island Today Reports

Feb 1, 2016

Former state university employee Joanne Welch, who retired in January 2016, saved $3,415 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Welch would collect as much as $187,268, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Welch received $3,936 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Welch will have already received $3,936 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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