Lake County Gazette

Lake County Gazette

Tuesday, December 10, 2019

Former state university employee Agazzi paid in $196K to pension fund, could collect $3.83M in retirement

Schools

By Local Labs News Service | Feb 1, 2016

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Former state university employee David Agazzi, who retired in January 2016, saved $195,693 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Agazzi would collect as much as $3.83 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Agazzi received $80,535 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Agazzi will have already received $248,926 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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