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Carbondale Reporter

Friday, November 22, 2024

Former state university employee Steward paid in $616K to pension fund, could collect $10.57M in retirement

Money041

Former state university employee David Steward, who retired in October 2018, saved $615,813 toward a pension over 40 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Steward would collect as much as $10.57 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Steward received $222,276 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Steward will have already received $687,032 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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