Quantcast

Carbondale Reporter

Tuesday, December 24, 2024

Former state university employee Restivo paid in $140K to pension fund, could collect $2.59M in retirement

Shutterstock 225154648

Former state university employee Paul Restivo, who retired in July 2017, saved $139,782 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Restivo would collect as much as $2.59 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Restivo received $54,526 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Restivo will have already received $168,535 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS