Chicago City Wire

Former state university employee Raymond Nichols, who retired in July 2017, saved $105,793 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Nichols would collect as much as $2.72 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Nichols received $57,224 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Nichols will have already received $116,165 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.