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Sangamon Sun

Saturday, November 23, 2024

Former state university employee Kulla Branz paid in $15K to pension fund, could collect $223K in retirement

Money 03

Former state university employee John Kulla Branz, who retired in June 2016, saved $15,323 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kulla Branz would collect as much as $223,103, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Kulla Branz received $4,689 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Kulla Branz will have already received $19,618 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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