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Sangamon Sun

Monday, November 25, 2024

Former state university employee Watson paid in $97K to pension fund, could collect $1.43M in retirement

Money 05

Former state university employee Aaron Watson, who retired in July 2017, saved $96,819 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Watson would collect as much as $1.43 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Watson received $29,967 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Watson will have already received $125,371 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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