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Rockford Sun

Saturday, November 23, 2024

Former state school employee Torrisi paid in $187K to teachers' pension fund, could collect $4.24M in retirement

Money 03

Former state school employee James Torrisi, who retired in June 2016, saved $187,087 toward a pension over 40 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Torrisi would collect as much as $4.24 million, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Torrisi received $89,082 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Torrisi will have already received $275,343 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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