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Sangamon Sun

Tuesday, November 5, 2024

Former state university employee Kuntemeier paid in $70K to pension fund, could collect $2.02M in retirement

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Former state university employee Melvin Kuntemeier, who retired in January 2016, saved $70,139 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kuntemeier would collect as much as $2.02 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Kuntemeier received $42,505 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Kuntemeier will have already received $86,285 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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