Chicago City Wire

Former state university employee Reed Larson, who retired in January 2019, saved $270,593 toward a pension over 33 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Larson would collect as much as $4.82 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Larson received $101,268 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Larson will have already received $313,009 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.