Chicago City Wire

Chicago City Wire

Tuesday, November 19, 2019

Former state university employee Martocchio paid in $339K to pension fund, could collect $7.48M in retirement

Schools

By Local Labs News Service | Jul 1, 2018

Shutterstock 369740408

Former state university employee Joseph Martocchio, who retired in June 2018, saved $339,157 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Martocchio would collect as much as $7.48 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Martocchio received $157,132 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Martocchio will have already received $485,679 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 University of Illinois at Urbana Champaign ?

Sign-up Next time we write about University of Illinois at Urbana Champaign, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

University of Illinois at Urbana Champaign

More News