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North Egypt News

Sunday, November 24, 2024

Former state university employee Weston paid in $137K to pension fund, could collect $2.72M in retirement

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Former state university employee Kevin Weston, who retired in June 2017, saved $137,188 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Weston would collect as much as $2.72 million, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.

The projection assumes Weston received $57,114 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Weston will have already received $176,533 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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