Chicago City Wire

Chicago City Wire

Tuesday, November 12, 2019

Former state university employee Fantozzi paid in $79K to pension fund, could collect $1.59M in retirement


By Local Labs News Service | Apr 1, 2016

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Former state university employee Joanmarie Fantozzi, who retired in March 2016, saved $78,567 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Fantozzi would collect as much as $1.59 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Fantozzi received $33,362 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Fantozzi will have already received $103,119 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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