- Associated Press - Saturday, March 8, 2014

CHICAGO (AP) - The president of Chicago State University is taking a big pay cut to comply with a new state law aimed at reducing Illinois’ massive pension shortfall.

The Chicago Sun Times reports (https://bit.ly/1cEh8Fb ) Wayne Watson’s new contract reduces his annual salary from $250,008 to $146,363.

The Illinois Legislature in 2012 closed a loophole that allowed college and university employees to retire and draw a pension, then start a new job earning close to the same salary.

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The law says anyone receiving pension benefits from the State University Retirement System may not earn more than 40 percent of their highest pre-retirement salary if they go to work at another institution.

Watson retired as chancellor of the City Colleges of Chicago in 2009 and receives an annual pension of $140,000 from City Colleges.


Information from: Chicago Sun-Times, https://www.suntimes.com/index

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