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DeKalb Times

Thursday, November 21, 2024

Former state university employee Turner paid in $58K to pension fund, could collect $1.52M in retirement

Money 01

Former state university employee Clifford Turner, who retired in August 2017, saved $58,135 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Turner would collect as much as $1.52 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Turner received $31,911 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Turner will have already received $64,779 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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