Former state university employee Steber paid in $26K to pension fund, could collect $474K in retirement

By East Central Reporter Reports

Apr 1, 2016

Former state university employee Janie Steber, who retired in March 2016, saved $26,098 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Steber would collect as much as $474,148, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Steber received $9,966 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Steber will have already received $30,804 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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Eastern Illinois University

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