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Lake County Gazette

Saturday, April 20, 2024

Former state university employee Weber paid in $314K to pension fund, could collect $13.88M in retirement

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Former state university employee Girard Weber, who retired in August 2017, saved $314,281 toward a pension over 36 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Weber would collect as much as $13.88 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Weber received $291,756 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Weber will have already received $592,265 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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