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Rockford Sun

Tuesday, December 24, 2024

Former state university employee Rittenhouse paid in $170K to pension fund, could collect $4.43M in retirement

Money 07

Former state university employee Cherri Rittenhouse, who retired in September 2016, saved $169,515 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Rittenhouse would collect as much as $4.43 million, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Rittenhouse received $93,200 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Rittenhouse will have already received $189,196 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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