Quantcast

Will County Gazette

Tuesday, April 16, 2024

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

Money 06

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 Will County Gazette.

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.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS