Chicago City Wire

Former state university employee Richard Derrick, who retired in January 2016, saved $39,980 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Derrick would collect as much as $931,191, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Derrick received $19,572 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Derrick will have already received $60,495 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.