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McLean County Times

Sunday, November 24, 2024

Former state university employee Kotowski paid in $12K to pension fund, could collect $132K in retirement

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Former state university employee Larry Kotowski, who retired in January 2017, saved $12,176 toward a pension over 4 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kotowski would collect as much as $132,090, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Kotowski received $2,776 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Kotowski will have already received $14,737 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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