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West Cook News

Thursday, April 25, 2024

Former state university employee Marrocco paid in $18K to pension fund, could collect $343K in retirement

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Former state university employee Francis Marrocco, who retired in November 2016, saved $17,834 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Marrocco would collect as much as $343,039, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Marrocco received $7,210 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Marrocco will have already received $22,285 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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