Chicago City Wire

Chicago City Wire

Sunday, November 17, 2019

Former state university employee Watson Thompson paid in $95K to pension fund, could collect $1.61M in retirement

Schools

By Local Labs News Service | Feb 1, 2019

Money 02

Former state university employee Elaine Watson Thompson, who retired in January 2019, saved $95,494 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

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

The projection assumes Watson Thompson received $33,936 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Watson Thompson will have already received $104,893 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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