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Former state university employee Dunn Reier paid in $61K to pension fund, could collect $803K in retirement

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By Local Labs News Service | Sep 1, 2016

Money759

Former state university employee Michael Dunn Reier, who retired in August 2016, saved $61,358 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Dunn Reier would collect as much as $803,000, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Dunn Reier received $16,878 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Dunn Reier will have already received $70,611 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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