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Quincy Reporter

Saturday, November 23, 2024

Former state university employee Krizmanic paid in $35K to pension fund, could collect $483K in retirement

Money759

Former state university employee Nicholas Krizmanic, who retired in August 2018, saved $35,424 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Krizmanic would collect as much as $483,482, according to a projection by Local Government Information Services (LGIS), which publishes Quincy Reporter.

The projection assumes Krizmanic received $10,162 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Krizmanic will have already received $42,514 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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