Chicago City Wire

Former state university employee Laverne Larson, who retired in January 2016, saved $43,948 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Larson would collect as much as $1.34 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Larson received $28,102 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Larson will have already received $57,047 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.