Former state university employee Stalmack paid in $76K to pension fund, could collect $1.22M in retirement

Former state university employee Richard Stalmack, who retired in July 2016, saved $76,432 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Stalmack would collect as much as $1.22 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Stalmack received $25,747 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Stalmack will have already received $79,581 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.