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West Cook News

Monday, November 25, 2024

Former state university employee Orfei paid in $204K to pension fund, could collect $7.02M in retirement

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Former state university employee Dante Orfei, who retired in July 2016, saved $203,861 toward a pension over 36 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Orfei would collect as much as $7.02 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Orfei received $147,473 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Orfei will have already received $299,370 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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