South Cook News

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Sunday, December 15, 2019

Former state university employee Rainey paid in $41K to pension fund, could collect $721K in retirement

Schools

By Local Labs News Service | Jan 1, 2018

Money759

Former state university employee Renee Rainey, who retired in December 2017, saved $41,176 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Rainey would collect as much as $721,081, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Rainey received $15,156 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rainey will have already received $46,846 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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