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South Cook News

Saturday, December 28, 2024

Former state university employee Kulycky paid in $60K to pension fund, could collect $4.14M in retirement

Money 07

Former state university employee Michael Kulycky, who retired in June 2016, saved $59,639 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kulycky would collect as much as $4.14 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Kulycky received $87,075 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Kulycky will have already received $87,075 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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