Former state university employee Daffara paid in $49K to pension fund, could collect $892K in retirement

By Rock Island Today Reports

Aug 1, 2016

Former state university employee Larry Daffara, who retired in July 2016, saved $49,321 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Daffara would collect as much as $892,444, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Daffara received $18,758 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Daffara will have already received $57,980 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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