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Chicago City Wire

Monday, December 23, 2024

Former state university employee Portolese paid in $6K to pension fund, could collect $145K in retirement

Money 05

Former state university employee Frank Portolese, who retired in August 2016, saved $5,866 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Portolese would collect as much as $145,483, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Portolese received $3,057 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Portolese will have already received $6,206 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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