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East Central Reporter

Tuesday, May 7, 2024

Former state university employee Watson paid in $105K to pension fund, could collect $1.61M in retirement

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Former state university employee Rick Watson, who retired in September 2018, saved $104,606 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Watson would collect as much as $1.61 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Watson received $33,932 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Watson will have already received $104,881 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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