Former state university employee Stoehrmann paid in $38K to pension fund, could collect $783K in retirement

Former state university employee Richard Stoehrmann, who retired in January 2016, saved $37,781 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Stoehrmann would collect as much as $783,390, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Stoehrmann received $16,466 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Stoehrmann will have already received $50,895 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.