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Will County Gazette

Friday, April 19, 2024

Former state university employee Tinken paid in $139K to pension fund, could collect $4.17M in retirement

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Former state university employee Patrick Tinken, who retired in January 2016, saved $139,048 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Tinken would collect as much as $4.17 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Tinken received $87,592 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Tinken will have already received $177,812 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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