Quantcast

West Central Reporter

Tuesday, November 26, 2024

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

Shutterstock 267646277

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.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS