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Chicago City Wire

Wednesday, April 24, 2024

Former state university employee Korber paid in $175K to pension fund, could collect $3.77M in retirement

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Former state university employee Marcia Korber, who retired in December 2017, saved $175,064 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Korber would collect as much as $3.77 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Korber received $79,247 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Korber will have already received $244,944 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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