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Carbondale Reporter

Saturday, April 20, 2024

Former state university employee Torricelli paid in $65K to pension fund, could collect $1.46M in retirement

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Former state university employee John Torricelli, who retired in April 2018, saved $64,929 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Torricelli would collect as much as $1.46 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Torricelli received $30,617 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Torricelli will have already received $94,635 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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