Chicago City Wire

Former state university employee Charles Walter, who retired in February 2016, saved $218,597 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Walter would collect as much as $6.29 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Walter received $132,129 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Walter will have already received $268,222 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.