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Sangamon Sun

Monday, November 25, 2024

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

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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 Sangamon Sun.

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.

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