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Quincy Reporter

Wednesday, December 25, 2024

Former state university employee Berquist paid in $8K to pension fund, could collect $128K in retirement

Money 01

Former state university employee Robert Berquist, who retired in August 2016, saved $8,490 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Berquist would collect as much as $128,048, according to a projection by Local Government Information Services (LGIS), which publishes Quincy Reporter.

The projection assumes Berquist received $2,691 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Berquist will have already received $11,259 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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