Chicago City Wire

Former state university employee Dennis Terpin, who retired in January 2019, saved $91,254 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Terpin would collect as much as $1.31 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Terpin received $27,492 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Terpin will have already received $115,018 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.