Chicago City Wire

Former state university employee Jeffrey McCracken, who retired in April 2019, saved $150,676 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McCracken would collect as much as $2.55 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes McCracken received $53,592 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McCracken will have already received $165,648 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.