Former state university employee Weiss paid in $207K to pension fund, could collect $3.25M in retirement

By Local Labs News Service

Feb 1, 2016

Former state university employee Philip Weiss, who retired in January 2016, saved $207,478 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Weiss would collect as much as $3.25 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Weiss received $68,224 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Weiss will have already received $210,874 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 Chicago

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