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DeKalb Times

Saturday, November 23, 2024

Former state university employee Stout paid in $31K to pension fund, could collect $582K in retirement

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Former state university employee Stephen Stout, who retired in September 2016, saved $30,518 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Stout would collect as much as $582,071, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Stout received $12,234 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Stout will have already received $37,814 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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