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West Central Reporter

Saturday, April 20, 2024

Former state university employee Stoneking paid in $29K to pension fund, could collect $747K in retirement

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Former state university employee Lewis Stoneking, who retired in March 2018, saved $29,311 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Stoneking would collect as much as $746,743, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Stoneking received $15,696 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Stoneking will have already received $31,863 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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