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Will County Gazette

Sunday, November 24, 2024

Former state university employee Kuzmanich paid in $120K to pension fund, could collect $2.03M in retirement

Money 01

Former state university employee Bruce Kuzmanich, who retired in February 2017, saved $119,961 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kuzmanich would collect as much as $2.03 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Kuzmanich received $42,712 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kuzmanich will have already received $132,018 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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