Former state university employee Stephens paid in $23K to pension fund, could collect $455K in retirement

By East Central Reporter Reports

Oct 1, 2017

Former state university employee Carolyn Stephens, who retired in September 2017, saved $23,392 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Stephens would collect as much as $455,399, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Stephens received $9,572 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Stephens will have already received $29,586 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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