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Chambana Sun

Monday, September 30, 2024

Former state university employee Durgunoglu paid in $13K to pension fund, could collect $820K in retirement

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Former state university employee Aydin Durgunoglu, who retired in November 2018, saved $12,872 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Durgunoglu would collect as much as $819,819, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Durgunoglu received $17,232 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Durgunoglu will have already received $17,232 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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