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Rock Island Today

Saturday, June 22, 2024

Former state university employee Little paid in $780 to pension fund, could collect $8K in retirement

Money041

Former state university employee Steven Little, who retired in April 2017, saved $780 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Little would collect as much as $8,369, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Little received $175 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Little will have already received $928 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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