Former state university employee Peters paid in $15K to pension fund, could collect $679K in retirement

By Rock Island Today Reports

Aug 1, 2016

Former state university employee Robert Peters, who retired in July 2016, saved $14,580 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Peters would collect as much as $678,811, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Peters received $14,268 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Peters will have already received $28,964 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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