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Carbondale Reporter

Sunday, November 24, 2024

Former state school employee Watson paid in $159K to teachers' pension fund, could collect $2.93M in retirement

Money 07

Former state school employee Carol Watson, who retired in May 2016, saved $159,146 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Watson would collect as much as $2.93 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Watson received $61,498 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Watson will have already received $190,084 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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