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Illinois Valley Times

Monday, November 25, 2024

Former state school employee Kluzek paid in $182K to teachers' pension fund, could collect $4.16M in retirement

Money272

Former state school employee James Kluzek, who retired in May 2016, saved $182,231 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Kluzek would collect as much as $4.16 million, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Kluzek received $87,369 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kluzek will have already received $270,049 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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