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Chicago City Wire

Wednesday, December 25, 2024

Former state university employee Tortorelli paid in $335K to pension fund, could collect $6.43M in retirement

Money759

Former state university employee Daniel Tortorelli, who retired in November 2016, saved $335,299 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Tortorelli would collect as much as $6.43 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Tortorelli received $135,105 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Tortorelli will have already received $417,596 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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