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South Cook News

Thursday, April 18, 2024

Former state university employee Reithknecht paid in $35K to pension fund, could collect $688K in retirement

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Former state university employee Marilyn Reithknecht, who retired in January 2018, saved $35,216 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Reithknecht would collect as much as $687,969, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Reithknecht received $14,460 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Reithknecht will have already received $44,695 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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