Chicago City Wire

Chicago City Wire

Thursday, November 14, 2019

Former state university employee Steward paid in $162K to pension fund, could collect $2.6M in retirement

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By Local Labs News Service | Feb 1, 2019

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Former state university employee Charles Steward, who retired in January 2019, saved $161,802 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Steward would collect as much as $2.6 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Steward received $54,684 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Steward will have already received $169,024 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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