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Former state university employee Weston paid in $123K to pension fund, could collect $3.09M in retirement

By Local Labs News Service | Feb 1, 2016

Money759

Former state university employee Elisabeth Weston, who retired in January 2016, saved $122,591 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Weston would collect as much as $3.09 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Weston received $64,946 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Weston will have already received $131,840 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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