Chicago City Wire

Former state university employee Frank Perino, who retired in January 2016, saved $88,942 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Perino would collect as much as $1.4 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Perino received $29,502 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Perino will have already received $91,188 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.