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


By Local Labs News Service | Sep 1, 2017

Shutterstock 373239541

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.

Want to get notified whenever we write about Illinois Mathematics & Science Academy ?

Sign-up Next time we write about Illinois Mathematics & Science Academy, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

Illinois Mathematics & Science Academy

More News