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West Central Reporter

Thursday, April 18, 2024

Former state university employee Rittenhouse paid in $83K to pension fund, could collect $1.71M in retirement

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Former state university employee Danny Rittenhouse, who retired in January 2019, saved $83,061 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Rittenhouse would collect as much as $1.71 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Rittenhouse received $36,000 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rittenhouse will have already received $111,272 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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