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Galesburg Reporter

Wednesday, November 6, 2024

Former state university employee Caves paid in $17K to pension fund, could collect $268K in retirement

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Former state university employee Alan Caves, who retired in April 2018, saved $17,223 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Caves would collect as much as $267,937, according to a projection by Local Government Information Services (LGIS), which publishes Galesburg Reporter.

The projection assumes Caves received $5,631 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Caves will have already received $17,405 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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