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DeKalb Times

Monday, April 29, 2024

Former state school employee Turnquist paid in $51K to teachers' pension fund, could collect $739K in retirement

Money041

Former state school employee Kathleen Turnquist, who retired in May 2016, saved $50,781 toward a pension over 9 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Turnquist would collect as much as $739,047, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Turnquist received $15,534 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Turnquist will have already received $64,988 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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