Former state university employee Graves paid in $26K to pension fund, could collect $604K in retirement

By Rock Island Today Reports

Jan 1, 2018

Former state university employee Silas Graves, who retired in December 2017, saved $26,198 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Graves would collect as much as $604,422, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Graves received $12,704 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Graves will have already received $39,267 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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