Chicago City Wire

Former state university employee Denise Banks, who retired in January 2016, saved $58,305 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Banks would collect as much as $1.55 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Banks received $32,615 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Banks will have already received $66,208 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.