McHenry Times

McHenry Times

Tuesday, November 19, 2019

Former state university employee Porzio paid in $133K to pension fund, could collect $2.8M in retirement

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By Local Labs News Service | Sep 1, 2017

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Former state university employee Donald Porzio, who retired in August 2017, saved $132,740 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Porzio would collect as much as $2.8 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Porzio received $58,928 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Porzio will have already received $182,141 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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