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Chicago City Wire

Saturday, September 28, 2024

Former state university employee Watkins paid in $230K to pension fund, could collect $4.06M in retirement

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Former state university employee Ruth Watkins, who retired in October 2016, saved $230,213 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Watkins would collect as much as $4.06 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Watkins received $85,425 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Watkins will have already received $264,041 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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