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Chicago City Wire

Friday, April 19, 2024

Former state university employee Rao paid in $344K to pension fund, could collect $9.04M in retirement

Money 04

Former state university employee Mrinalini Rao, who retired in November 2016, saved $344,253 toward a pension over 34 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Rao would collect as much as $9.04 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Rao received $189,933 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Rao will have already received $385,564 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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