Don Saxon, who agreed to step down as the chief of the beleaguered Office of Financial Regulation Tuesday morning before being ousted by the Florida Cabinet, faces a sweet retirement package.

While Saxon hasn't officially given his notice to the Florida Retirement System yet, he announced in a press release he plans to retire when he leaves Sept. 30. He will be eligible to collect from his participation in Deferred Retirement Option Program a lump sum payout of $198,675. He will also collect a monthly benefit starting in October of $5,140.62 monthly or $61,600 a year. Saxon worked 33 years in state government.

Saxon, 57, currently makes $133,157 a year.