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


By Local Labs News Service | Jul 1, 2018

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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.

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University of Illinois at Urbana Champaign

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