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Former state university employee Peeples paid in $21K to pension fund, could collect $279K in retirement

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By Local Labs News Service | Jan 1, 2018

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Former state university employee Charles Peeples, who retired in December 2017, saved $20,924 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Peeples would collect as much as $278,675, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Peeples received $5,857 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Peeples will have already received $24,504 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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