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Lake County Gazette

Sunday, June 29, 2025

Former state university employee Colman paid in $5K to pension fund, could collect $97K in retirement

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Former state university employee Peter Colman, who retired in April 2019, saved $4,677 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Colman would collect as much as $97,053, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Colman received $2,040 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Colman will have already received $6,305 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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