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West Central Reporter

Tuesday, November 26, 2024

Former state university employee Weaver paid in $48K to pension fund, could collect $793K in retirement

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Former state university employee Stephen Weaver, who retired in July 2016, saved $47,697 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Weaver would collect as much as $793,158, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Weaver received $16,671 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Weaver will have already received $51,528 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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