Who exactly retires exactly when they are supposed to according to rule of 88? I haven't known one professional at ISU that just said "oh, I've got the rule of 88, that was my goal. Done!"Agreed. If Steyer and Schaben wanted head coaching jobs, they wouldn't still be here. Steyer is around 57 and Schaben is around 51. They are probably both hoping Billy gets the job when Bill retires, in which case I'm sure they'd both stay on and coach here until they decide to retire.
If they are on IPERS, normal retirement age for people who have been employed by the state over 20 years is 62, or when years of service plus age is 88. Due to the rule of 88, Steyer hits normal retirement age for IPERS in around 4 years (she started in 2002) and Schaben will hit normal retirement age in about 5 years (she started back in 1997), assuming both continue to be employed at ISU for that length of time.
No offense, but that seems to be an Iowa school teacher thing primarily. I know a decent number of them that had that goal (or at least took it when it arrived.) Most of them really deserved it after that amount of time in the schools though.