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Chicago City Wire

Friday, April 19, 2024

Former state university employee Kulik paid in $95K to pension fund, could collect $2.64M in retirement

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Former state university employee Henry Kulik, who retired in January 2018, saved $95,398 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kulik would collect as much as $2.64 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Kulik received $55,539 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Kulik will have already received $112,744 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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