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North Cook News

Thursday, April 18, 2024

Former state university employee Watson paid in $15K to pension fund, could collect $369K in retirement

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Former state university employee Kenneth Watson, who retired in January 2017, saved $14,888 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Watson would collect as much as $369,272, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Watson received $7,761 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Watson will have already received $15,755 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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