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DeKalb Times

Wednesday, April 24, 2024

Former state university employee Stevens paid in $87K to pension fund, could collect $1.88M in retirement

Money272

Former state university employee Tammy Stevens, who retired in December 2018, saved $87,109 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Stevens would collect as much as $1.88 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Stevens received $39,600 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Stevens will have already received $122,400 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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