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South Cook News

Saturday, November 23, 2024

Former state university employee Marchionni paid in $9K to pension fund, could collect $163K in retirement

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Former state university employee Frank Marchionni, who retired in November 2016, saved $9,305 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Marchionni would collect as much as $162,856, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Marchionni received $3,423 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Marchionni will have already received $10,581 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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