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Illinois Valley Times

Tuesday, April 23, 2024

Former state university employee Turchi paid in $22K to pension fund, could collect $559K in retirement

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Former state university employee Mary Turchi, who retired in June 2017, saved $22,407 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Turchi would collect as much as $559,481, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Turchi received $11,759 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Turchi will have already received $23,871 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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