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Sangamon Sun

Thursday, April 18, 2024

Former state school employee Kuzmin paid in $65K to teachers' pension fund, could collect $1.04M in retirement

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Former state school employee Joeal Kuzmin, who retired in April 2018, saved $65,006 toward a pension over 11 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Kuzmin would collect as much as $1.04 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Kuzmin received $21,906 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kuzmin will have already received $67,709 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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