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Rockford Sun

Saturday, November 23, 2024

Former state university employee Mistretta paid in $13K to pension fund, could collect $264K in retirement

Money 02

Former state university employee Martin Mistretta, who retired in January 2017, saved $12,696 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Mistretta would collect as much as $263,763, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Mistretta received $5,544 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mistretta will have already received $17,135 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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