Former state university employee Bain paid in $22K to pension fund, could collect $544K in retirement

By Rock Island Today Reports

Dec 1, 2016

Former state university employee Viola Bain, who retired in November 2016, saved $21,715 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bain would collect as much as $544,494, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Bain received $11,444 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Bain will have already received $23,231 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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