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DeKalb Times

Wednesday, November 6, 2024

Former state university employee Turk paid in $83K to pension fund, could collect $1.39M in retirement

Money 08

Former state university employee Donald Turk, who retired in May 2018, saved $82,632 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Turk would collect as much as $1.39 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Turk received $29,225 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Turk will have already received $90,332 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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