Chicago City Wire

Former state university employee Tim Tak Lam, who retired in May 2016, saved $22,012 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lam would collect as much as $1.1 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Lam received $23,051 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Lam will have already received $23,051 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.