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Galesburg Reporter

Wednesday, November 6, 2024

Former state university employee Fowler paid in $24K to pension fund, could collect $329K in retirement

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Former state university employee Bruce Fowler, who retired in January 2019, saved $24,319 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Fowler would collect as much as $328,841, according to a projection by Local Government Information Services (LGIS), which publishes Galesburg Reporter.

The projection assumes Fowler received $6,912 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Fowler will have already received $28,917 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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