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Peoria Standard

Friday, November 22, 2024

Former state university employee Kuhl paid in $64K to pension fund, could collect $2.77M in retirement

Money 08

Former state university employee Christopher Kuhl, who retired in January 2016, saved $64,148 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kuhl would collect as much as $2.77 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Kuhl received $58,326 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Kuhl will have already received $118,402 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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