Chicago City Wire

Chicago City Wire

Friday, November 22, 2019

Former state university employee Petty paid in $49K to pension fund, could collect $770K in retirement

Schools

By Local Labs News Service | Apr 1, 2019

Money836

Former state university employee Diane Petty, who retired in March 2019, saved $48,504 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Petty would collect as much as $770,150, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Petty received $16,188 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Petty will have already received $50,036 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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