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Metro East Sun

Friday, November 22, 2024

Former state university employee Kutter paid in $46K to pension fund, could collect $787K in retirement

Money 01

Former state university employee Kenneth Kutter, who retired in February 2016, saved $45,540 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kutter would collect as much as $786,615, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Kutter received $16,534 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kutter will have already received $51,105 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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