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Sangamon Sun

Monday, September 30, 2024

Former state university employee Watson paid in $90K to pension fund, could collect $2.44M in retirement

Money 02

Former state university employee Rodney Watson, who retired in June 2017, saved $89,619 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Watson would collect as much as $2.44 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Watson received $51,320 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Watson will have already received $104,180 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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