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Kane County Reporter

Monday, November 25, 2024

Former state university employee Turner paid in $152K to pension fund, could collect $3.38M in retirement

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Former state university employee Glenn Turner, who retired in January 2017, saved $152,433 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Turner would collect as much as $3.38 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Turner received $71,122 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Turner will have already received $219,832 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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