Former state university employee Lai paid in $35K to pension fund, could collect $1.28M in retirement

By Local Labs News Service

Feb 1, 2016

Former state university employee David Lai, who retired in January 2016, saved $34,819 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lai would collect as much as $1.28 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Lai received $26,920 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Lai will have already received $54,648 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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City Colleges of Chicago

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