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South Cook News

Wednesday, November 27, 2024

Former state university employee Rita paid in $428 to pension fund, could collect $6K in retirement

Money 07

Former state university employee John Rita, who retired in February 2018, saved $428 toward a pension over 2 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Rita would collect as much as $5,709, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Rita received $120 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Rita will have already received $504 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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