Chicago City Wire

Chicago City Wire

Wednesday, February 26, 2020

Former state university employee Vertreace Doody paid in $204K to pension fund, could collect $4.14M in retirement

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By Local Labs News Service | Feb 1, 2019

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Former state university employee Martha Vertreace Doody, who retired in January 2019, saved $203,981 toward a pension over 38 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Vertreace Doody would collect as much as $4.14 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Vertreace Doody received $87,096 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Vertreace Doody will have already received $269,205 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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