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McLean County Times

Tuesday, November 26, 2024

Former state university employee Steger paid in $37K to pension fund, could collect $820K in retirement

Money 04

Former state university employee Manfred Steger, who retired in April 2016, saved $37,240 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Steger would collect as much as $819,631, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Steger received $17,228 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Steger will have already received $53,250 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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