Combine rice, fat-free milk, sugar, nonfat dry milk, and salt in a large saucepan over medium heat; bring to a simmer. Simmer 30 minutes, stirring occasionally.
Place eggs in a medium bowl. Gradually add half of rice mixture to eggs, stirring constantly with a whisk. Return egg mixture to pan over medium-low heat; cook 2 minutes, stirring constantly. Remove from heat; stir in raisins and vanilla. Spoon 1/2 cup pudding into each of 8 bowls. Sprinkle 1/8 teaspoon cinnamon over each serving.
Short-grain, starchy white rice, such as Arborio, provides silky texture and creamy consistency for this satisfying dessert with universal appeal.