Chicago City Wire

Former state university employee Richard Anderson, who retired in September 2016, saved $155,055 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Anderson would collect as much as $3.38 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Anderson received $71,016 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Anderson will have already received $219,502 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.