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Chicago City Wire

Saturday, April 20, 2024

Former teacher Kuzmin paid in $104K to teachers' pension fund, could collect $1.91M in retirement

Money 03

Former teacher Joeal Kuzmin, who retired in June 2018, saved $103,660 toward a pension over 21 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Kuzmin would collect as much as $1.91 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Kuzmin received $40,134 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kuzmin will have already received $124,050 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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