McHenry Times

McHenry Times

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Former state university employee Traina paid in $170K to pension fund, could collect $2.93M in retirement

Schools

By Local Labs News Service | Aug 1, 2017

Money 05

Former state university employee Joseph Traina, who retired in July 2017, saved $169,851 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Traina would collect as much as $2.93 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Traina received $61,605 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Traina will have already received $190,415 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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