Former state university employee Weaver paid in $152K to pension fund, could collect $5.78M in retirement

By Local Labs News Service

Feb 1, 2016

Former state university employee Richard Weaver, who retired in January 2016, saved $151,600 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Weaver would collect as much as $5.78 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Weaver received $121,516 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Weaver will have already received $246,677 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University of Illinois at Urbana Champaign

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