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McLean County Times

Saturday, April 27, 2024

Former state university employee Walter paid in $90K to pension fund, could collect $1.73M in retirement

Money759

Former state university employee Kathleen Walter, who retired in September 2016, saved $90,205 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Walter would collect as much as $1.73 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Walter received $36,453 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Walter will have already received $112,673 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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