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Chicago City Wire

Sunday, September 29, 2024

Former state university employee Potter paid in $38K to pension fund, could collect $630K in retirement

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Former state university employee Marcella Potter, who retired in December 2016, saved $37,720 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Potter would collect as much as $629,554, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Potter received $13,232 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Potter will have already received $40,899 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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