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Chicago City Wire

Sunday, September 29, 2024

Former state university employee Rebman paid in $75K to pension fund, could collect $1.26M in retirement

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Former state university employee Richard Rebman, who retired in October 2016, saved $74,870 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Rebman would collect as much as $1.26 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Rebman received $26,556 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rebman will have already received $82,083 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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