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Rockford Sun

Friday, November 22, 2024

Former state university employee Mastroianni paid in $159K to pension fund, could collect $2.95M in retirement

Money 02

Former state university employee Michael Mastroianni, who retired in November 2016, saved $159,370 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Mastroianni would collect as much as $2.95 million, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Mastroianni received $62,085 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mastroianni will have already received $191,899 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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