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DeKalb Times

Monday, November 25, 2024

Former state university employee Rainwater paid in $51K to pension fund, could collect $867K in retirement

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Former state university employee Annalisa Rainwater, who retired in January 2017, saved $50,744 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Rainwater would collect as much as $866,570, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Rainwater received $18,214 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rainwater will have already received $56,297 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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