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North Cook News

Friday, November 22, 2024

Former state university employee Reineking paid in $71K to pension fund, could collect $1.96M in retirement

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Former state university employee Barbara Reineking, who retired in January 2016, saved $70,837 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Reineking would collect as much as $1.96 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Reineking received $41,140 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Reineking will have already received $83,514 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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