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Chicago City Wire

Sunday, May 5, 2024

Former state university employee Martini paid in $66K to pension fund, could collect $814K in retirement

Money 06

Former state university employee Dennis Martini, who retired in October 2017, saved $65,544 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Martini would collect as much as $814,053, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Martini received $17,110 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Martini will have already received $71,582 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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