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Rockford Sun

Wednesday, April 17, 2024

Former state university employee Stech paid in $88K to pension fund, could collect $1.49M in retirement

Money 02

Former state university employee Glenn Stech, who retired in January 2018, saved $87,853 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Stech would collect as much as $1.49 million, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Stech received $31,297 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Stech will have already received $96,736 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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