Will County Gazette

Will County Gazette

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Former state university employee Griffin paid in $23K to pension fund, could collect $332K in retirement


By Local Labs News Service | Oct 1, 2016

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Former state university employee Victor Griffin, who retired in September 2016, saved $22,886 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Griffin would collect as much as $331,958, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Griffin received $6,977 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Griffin will have already received $29,189 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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