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

Schools

By Local Labs News Service | Apr 1, 2016

Shutterstock 373239541

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.

Want to get notified whenever we write about City Colleges of Chicago ?

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

Organizations in this Story

City Colleges of Chicago

More News